Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

B Batelco Case 2 Batelco Company establishes a BD400 petty cash fund on May 1, 2020. The fund shows BD180 in cash along with receipts

image text in transcribed

B Batelco Case 2 Batelco Company establishes a BD400 petty cash fund on May 1, 2020. The fund shows BD180 in cash along with receipts for the following expenditures: travel expenses BD110, postage and stationery expenses BD70 and miscellaneous expenses BD40. On May 31, 2020, received cash from the chief cashier to reimburse (replenish) the fund. On June 1, 2020, the petty cashier decreased the petty cash fund to BD350. GENERAL JOURNAL Date Explanation Debit Credit May 1 Cash 180 Petty Cash 180 May 31 Travel Expense 110 Postage and Stationery Expenses 70 Miscellaneous Expenses 40 Cash (400 - 180) 200 June 1 Petty Cash 750 Cash (400+350) 750 Required: 1. Find the mistake of Petty Cash Entries. 2. Rewrite the Petty Cash Entries

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_2

Step: 3

blur-text-image_3

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

Contabilidad Para No Contadores

Authors: Wayne Label

2nd Edition

9587712986, 9789587712988

More Books

Students also viewed these Accounting questions

Question

Which of the sources is most cost effective?

Answered: 1 week ago