Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Dj Vu All Over Again Productions Inc. has the following transactions involving their petty cash fund during the month of February. A. On Feb 1,

image text in transcribed

Dj Vu All Over Again Productions Inc. has the following transactions involving their petty cash fund during the month of February. A. On Feb 1, they set up the petty cash fund by writing a cheque to Bobby Banker, the custodian of the petty cash fund in the amount of $200 B. On Feb 11, Bobby paid $45 out of the petty cash for a new toner for the office printer. This amount is classified as Supplies Expense. C. On Feb 14, Bobby paid out $70 for coffee and donuts from Steimar Bake Shop for the office Valentines Day party. This amount is classified as Office Expense. D. On Feb 21, Bobby paid out $30 for postage to ensure the Tax Return was sent to CRA in time. This amount is classified as Shipping Expense. E. On Feb 26, Bobby filed a claim for reimbursement for the petty cash expenditures during the month that totaled $145. Bobby also asked that the petty cash fund balance be increased to $300 F. Feb 28, a cheque was issued to Bobby Banker, the custodian of the petty cash fund.

Petty Cash (8 Total Marks) Dej Vu All Over Again Productions Inc. has the following transactions involving their petty cash fund during the month of February A On Feb 1, they set up the petty cash fund by writing a cheque to Bobby Banker, the custodian of the petty cash fund in the amount of $200 B.On Feb 11, Bobby paid $45 out of the petty cash for a new toner for the office printer. This amount is classified as Supplies Expense. C.On Feb 14, Bobby paid out $70 for coffee and donuts from Steimar Bake Shop for the office Valentines Day party. This amount is classified as Office Expense. D.On Feb 21, Bobby paid out $30 for postage to ensure the Tax Return was sent to CRA in time. This amount is classified as Shipping Expense. E. On Feb 26, Bobby filed a claim for reimbursement for the petty cash expenditures during the month that totaled $145. Bobby also asked that the petty cash fund balance be increased to $300 F.Feb 28, a cheque was issued to Bobby Banker, the custodian of the petty cash fund. Required Prepare the journal entries required to record the petty cash account transactions that occurred during the month of February below. If no entry is required on the date, write "no entry next to the date below in the "Account" column Account Credit Feb Debit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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