Question
I need to understand the following question please. PETTY CASH JOURNAL ENTRIES: Based upon the following petty cash information, prepare (a) the journal entry to
I need to understand the following question please.
PETTY CASH JOURNAL ENTRIES: Based upon the following petty cash information, prepare (a) the journal entry to establish a petty cash fund, (b) the journal entry to replenish the petty cash fund and (c) the journal entry to change the petty cash fund.
On January 1, 2013 a check was written in the amount of $300 to establish a petty cash fund. During the month, the petty cash fund was used to pay several items listed below and on January 31, 2013 the remaining amount in the petty cash fund was $68.00. After replenishing the fund, it was decided to increase the fund from $300 to $400.
Receipts in Petty Cash Fund on January 31, 2013:
Office Depot (Supplies) $ 21.00
Chevron (Gas for company vehicle) 40.00
Albertos (Owners personal lunch) 15.00
USPS (postage) 85.00
United Way (Donation) 20.00
Killer Pizza from Mars (Staff Meeting) 47.00
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