Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need a journal entry answer for accounting. Please help!!! T. L. Jones Trucking Services establishes a petty cash fund on April 3 for $200.

I need a journal entry answer for accounting. Please help!!!

T. L. Jones Trucking Services establishes a petty cash fund on April 3 for $200. By the end of April, the fund has a cash balance of $97. The company has also issued a credit card and authorized its office manager to make purchases. Expenditures for the month include the following items:

Utilities (credit card) $ 435
Entertainment (petty cash) 44
Stamps (petty cash) 59
Plumbing repair services (credit card) 630

Required:

  1. Record the establishment of the petty cash fund on April 3.
  2. Record credit card expenditures during the month. The credit card balance is paid in full on April 30.
  3. Record petty cash expenditures during the month.

image text in transcribed

T. L. Jones Trucking Services establishes a petty cash fund on April 3 for $200. By the end of April, the fund has a cash balance of $97. The company has also issued a credit card and authorized its office manager to make purchases. Expenditures for the month include the following items: Utilities (credit card) Entertainment (petty cash) Stamps (petty cash) Plumbing repair services (credit card) $435 44 59 630 Required: 1. Record the establishment of the petty cash fund on April 3. 2. Record credit card expenditures during the month. The credit card balance is paid in full on April 30. 3. Record petty cash expenditures during the month. (If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account field.) View transaction list Journal entry worksheet Record the establishment of the petty cash fund on April 3. Note: Enter debits before credits Date General Journal Debit Credit April 03 Record entry Clear entry View general journal

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

Financial Accounting

Authors: Robert Kemp, Jeffrey Waybright

2nd edition

978-0132771801, 9780132771580, 132771802, 132771586, 978-0133052152

More Books

Students also viewed these Accounting questions