Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Fresh Foods established a petty cash fund of $275 on January 2. On January 31, the fund contained cash of $77.50 and vouchers for

 

Fresh Foods established a petty cash fund of $275 on January 2. On January 31, the fund contained cash of $77.50 and vouchers for the following cash payments. Maintenance expense Office supplies Transportation expense $ 77.25 79.20 36.25 The three distinct accounting events affecting the petty cash fund for the period were (1) establishment of the fund, (2) reimbursements made to employees, and (3) recognition of expenses and replenishment of the fund. Assume the company uses the alternative approach to petty cash expense recognition and replenishment. b. Record the events in general journal format. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to 2 decimal places.) View transaction list View journal entry worksheet No Event General Journal A 1 No Transaction Recorded B 2 No Transaction Recorded C 3 Maintenance expense Office supplies expense Transportation expense Debit Credit 77.25 79.20 36.25

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

Recommended Textbook for

Fundamental Financial Accounting Concepts

Authors: Thomas Edmonds, Christopher Edmonds

9th edition

9781259296802, 9781259296758, 78025907, 1259296806, 9781259296765, 978-0078025907

More Books

Students also viewed these Accounting questions