Question
Can someone help me on this please ASAP. i have 35 mins for the quiz. thanks On January 1, Percys Weir Inc. established a petty
Can someone help me on this please ASAP. i have 35 mins for the quiz. thanks
On January 1, Percys Weir Inc. established a petty cash fund of $50. The custodian complained that he had to reimburse the fund on a weekly basis, and suggested that the fund should be increased to $250. Management agreed with the custodian, and advised the cashier to increase the fund to $250 on February 1.
a.)Prepare the journal entry to record the establishment of the petty cash fund in the amount of $50
b) On January 25, the balance in the petty cash account was $0. A summary of expenses was prepared. Prepare the journal entry to replenish the petty cash fund.
Delivery expense | $19 |
Miscellaneous expense | 9 |
Office expense | 17 |
Stamps | 4 |
Total | $49.00 |
c) On February 1, the petty cashier decided to increase the amount of the petty cash fund from $50 to $300. A cheque of $250 was issued. Record the transaction.
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