Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Kyla Company experienced the following transactions affecting their $150 petty cash fund during April. Prepare the required journal entries (120 pts). 1. Prepared a company

Kyla Company experienced the following transactions affecting their $150 petty cash fund during April. Prepare the required journal entries (120 pts).

1. Prepared a company check to replenish the fund for the following expenditures made since April 1:

Paid $45 for supplies.

Paid $80 for freight in (perpetual).

Counted $30 remaining in the petty cash box.

Supplies Expense 45
Freight Expense 80
Cash over and short 5
Cash 120

The yellow box is incorrect. What is the journal entry for this?

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 Statement Fraud Strategies For Detection And Investigation

Authors: Gerard M. Zack

1st Edition

1118301552, 9781118301555

More Books

Students also viewed these Accounting questions

Question

Define Administration?

Answered: 1 week ago