Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Conway Designs established a $160 petty cash fund on October 1, 2020. Prepare the entry to replenish the fund at the end of each of

Conway Designs established a $160 petty cash fund on October 1, 2020. Prepare the entry to replenish the fund at the end of each of the following months of activity:

The petty cash box contained $18 on October 31 along with receipts for $77 for cleaning, $20 for postage, and $36 for delivery expense. On November 30, the petty cash box contained only two receipts, for a $61 computer repair and a $76 entertainment expense. The petty cash custodian counted cash remaining of $32. The petty cash box contained $17 on December 31 plus receipts for $26 for gas expense, $80 for office supplies, and $37 for entertainment expense. In addition to replenishing the fund, it was increased by $50

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

Students also viewed these Accounting questions

Question

5-8 What are the advantages and disadvantages of the BYOD movement?

Answered: 1 week ago