Question
Hi Chegg please provide a step by step solution Pat Wright is the custodian for the $150 petty cash fund that was established on May
Hi Chegg please provide a step by step solution
Pat Wright is the custodian for the $150 petty cash fund that was established on May 01, 2020. She noticed that people were using the fund frequently and by May 15 there was only $40 left. Pat wanted to replenish the fund but shes a little unclear on the process. She asked for your help and provided you with a summary of the receipts for the month. While helping Pat, you also make a note to talk to the Finance Manager on May 20 about increasing the fund to $250
Date | Employee | Amount ($) | Charge To |
May 02 | Jonah Clubb | 14.57 | Office Supplies |
May 03 | Lou Zinfunds | 13.15 | Miscellaneous |
May 05 | Iona Carr | 21.45 | Mileage |
May 09 | Sue Yu | 26.90 | Legal |
May 11 | Ahmeta Mess | 19.59 | Maintenance |
May 13 | Otto Shippett | 14.24 | Postage |
Using the journal on the next page, please record the following 3 activities relating to the petty cash account in May, 2020.
- Established the petty cash fund on May 01
- Replenished the fund on May 15
- Increased the petty cash fund to $250 on May 24 Include a date and comment with every transaction Assume no HST was charged
-
Date
Account/Description
PR
Debit
Credit
2020
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