Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hi please provide a step by step solution of Account Title and description and what is to debit and credit On July 20, 2019, Vacation

Hi please provide a step by step solution

of Account Title and description and what is to debit and credit

On July 20, 2019, Vacation Enterprises established a $425 petty cash fund.

a) Prepare the entry to record the establishment of the fund.

b) At the end of the month, the petty cash custodian analyzed all the monthly transactions. She opened the petty cash box and counted $142 cash remaining. There were also two receipts in the petty cash box: receipt # 1: $128 - Entertainment and receipt #2: $139 - Travel. Record the journal entries for this month's expenses and replenish the fund.

c) At the end of the month, Vacation Enterprises wanted to increase the petty cash fund by $50. Prepare the journal entry to record the increase in petty cash fund.

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 P. Edmonds, Frances M. Mcnair, Philip R. Olds, Mark Edmonds, Christopher Edmonds

10th Edition

126015940X, 978-1260159400

More Books

Students also viewed these Accounting questions

Question

2. In what way can we say that method affects the result we get?

Answered: 1 week ago