Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Class Homework-Petty cash fund Dandarion company decided to establish a petty cash fund on the 15th of March with an allowance of 7,900$. Which will

image text in transcribed

Class Homework-Petty cash fund Dandarion company decided to establish a petty cash fund on the 15th of March with an allowance of 7,900$. Which will be replenished twice a year (at the end of June and at year end). You have the following details related to the replenishing process 1. At the end of June, the fund contained only 550$ and the custodian provided the accounting department with the following receipts: Stamps expenses 1500 Fright expenses 4,000 Travel expenses 1800 Miscellaneous expenses 50 2. At the end of December, the fund contained only 1,200$ and the custodian provided the accounting department with the following receipts: Stamps expenses 1200 Fright expenses 4,700 Travel expenses 800 Miscellaneous expenses 70 At the end of the Dandarion decided that the fund is higher than needed and decided to decrease it to 7,150$ Instructions: you are required to record the needed journal 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

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

Auditing And Assurance Services An Integrated Approach

Authors: Alvin Arens

13th Edition

0136084737, 9780136084730

More Books

Students also viewed these Accounting questions