Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Crane Boxes uses a petty cash imprest system. The fund was established on February 14 with a balance of $101. On February 28, there were
Crane Boxes uses a petty cash imprest system. The fund was established on February 14 with a balance of $101. On February 28, there were $5 cash and the following petty cash receipts in the petty cash box: Date Receipt No. For Amount Feb. 15 1 Supplies $10 18 2 Postage expense 8 20 3 Freight in (assume perpetual inventory system) 34 21 4 Supplies 15 22 5 Delivery charges on outgoing freight 14 27 6 Supplies 20 Record the journal entry on February 14 to establish the petty cash fund. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Feb. 14 Record the journal entry on February 28 to replenish the fund. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Feb. 28
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