Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
Exercise 7-23 Your answer is partially correct. Try again. The petty cash fund of Blue's Auto Repair Service, a sole proprietorship, contains the following. 1.
Exercise 7-23 Your answer is partially correct. Try again. The petty cash fund of Blue's Auto Repair Service, a sole proprietorship, contains the following. 1. 2. $18.20 5.90 43.00 37.00 3. 4. 5. Coins and currency Postage stamps An I.O.U. from Richie Cunningham, an employee, for cash advance Check payable to Blue's Auto Repair from Pottsie Weber, an employee, marked NSF Vouchers for the following: Stamps Two Rose Bowl tickets for Nick Blue Printer cartridge (Use the Office Supplies account) $ 23.00 181.00 17.35 221.35 $325.45 The general ledger account Petty Cash has a balance of $332. Prepare the journal entry to record the reimbursement of the petty cash fund. (Round answers to 2 decimal places, e.g. 15.25. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Office Supplies 5.90 Postage Expense 17.1 Prepaid Postage 23 Owner's Drawings 181 Accounts Receivable 80 Cash Over and Short X Cash
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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