Answered step by step
Verified Expert Solution
Question
1 Approved Answer
ATP Enterprises has a petty cash fund in the amount of $900. Prepare journal entries for the following transactions: a. On September 5, the petty
ATP Enterprises has a petty cash fund in the amount of $900. Prepare journal entries for the following transactions: a. On September 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $37, Supplies $124, Postage Expense $270, Repairs and Maintenance Expense $168, Miscellaneous Expense \$149. The cash on hand at this time was \$148. b. On September 14, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $18, Supplies $185, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $49. The cash on hand at this time was $310. c. On September 23, the petty cash fund needed replenishment and the following are the receipts: Auto Expense \$251, Supplies \$88, Postage Expense $63, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $120. d. On September 29, the company determined that the petty cash fund needed to be increased to $1,000. e. On September 30, the petty cash fund needed replenishment as it was month end. The following are the receipts: Auto Expense $18, Supplies $15, Postage Expense $57, Repairs and Maintenance Expense $49, Miscellaneous Expense $29. The cash on hand at this time was $834
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started