Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Lily Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August. Aug 1 Established the petty cash fund

image text in transcribedimage text in transcribed

image text in transcribed

Lily Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August. Aug 1 Established the petty cash fund by writing a check payable to the petty cash custodian for $220. 15 Replenished the petty cash fund by writing a check for $216.50. On this date, the fund consisted of $3.50 in cash and these petty cash receipts: freight-out $92.00, entertainment expense $47.10, postage expense $43.50, and miscellaneous expense $32.50. Increased the amount of the petty cash fund to $305 by writing a check for $85.00. Replenished the petty cash fund by writing a check for $288.60. On this date, the fund consisted of $16.40 in cash and these petty cash receipts: postage expense $138.10, entertainment expense $94.30, and freight-out $55.10. 16 31 Journalize the petty cash transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 52.75.) Date Account Titles and Explanation Debit Credit 1

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

Audit And Assurance Study Text

Authors: Get Through Guides

1st Edition

1848080255, 978-1848080256

More Books

Students also viewed these Accounting questions