Question
Equipment World established a $500 petty cash fund on July 1. During the month of July, petty cash was issued in exchange for the following
Equipment World established a $500 petty cash fund on July 1. During the month of July, petty cash was issued in exchange for the following receipts:
July 2Supplies$65July 10Postage expense52July 17Freight out125July 25Advertising expense47July 28Meals expense70
On July 31, the cash is counted and the balance remaining is found to be $136. A cheque is issued to replenish the fund.
Instructions
Prepare the necessary journal entries for July 1 and July 31.
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Strategic Managerial Accounting: Hospitality, Tourism & Events Applications
Authors: Tracy Jones, Helen Atkinson, Angela Lorenz, Peter Harris
6th Edition
9781908999023, 978-1908999016
