Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Marigold Company established a petty cash fund on May 1 for $ 1 1 5 . The company reimbursed the fund on June 1 and

Marigold Company established a petty cash fund on May 1 for $115. The company reimbursed the fund on June 1 and July 1 with the following results.
June 1: Cash in fund $2.65.
Receipts: delivery expense $30.90, postage expense $38.20, and miscellaneous expense $40.85.
July 1: Cash in fund $3.35.
Receipts: delivery expense $24.30, entertainment expense $48.25, and miscellaneous expense $39.10.
On July 10, Marigold increased the fund from $115 to $145.
Prepare journal entries for Marigold Company for May 1, June 1, July 1, and July 10.(Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 2 decimal places, e.g.52.75.)
image text in transcribed

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

Introduction To Managerial Accounting

Authors: Peter Brewer, Ray Garrison, Eric Noreen

4th Edition

0073379352, 9780073379357

More Books

Students also viewed these Accounting questions

Question

How appropriate is it to conduct additional research?

Answered: 1 week ago

Question

What information remains to be obtained?

Answered: 1 week ago