Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

As the custodian of the Petty Cash fund, it is your task to prepare entries to establish the fund on May 1st, 2017 as well

As the custodian of the Petty Cash fund, it is your task to prepare entries to establish the fund on May 1st, 2017 as well as replenish the fund on May 31st.

May 1. Establish the petty cash fund for $120, cheque number 8.

May 6. Voucher 1, Delivery Expense, $29

May 7. Voucher 2, Delivery Expense, $11

May 9. Voucher 3, office repair expense, $45

May 18. Voucher 4, general expense, $14

May 31 Replenish of the petty cash fund, $101, cheque number 18.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Information Systems

Authors: Cynthia D Heagy, Constance M Lehmann

7th Edition

1111219516, 978-1111219512

More Books

Students also viewed these Accounting questions

Question

What is the significance of developing partnership with suppliers?

Answered: 1 week ago

Question

Do not pay him, wait until I come

Answered: 1 week ago

Question

Do not get married, wait until I come, etc.

Answered: 1 week ago

Question

Do not come to the conclusion too quickly

Answered: 1 week ago