Answered step by step
Verified Expert Solution
Question
1 Approved Answer
need clear image CHANGE FUND Question 1: On 3 May, we issued a check of $200 to establish a change fund, at the end of
need clear image
CHANGE FUND Question 1: On 3 May, we issued a check of $200 to establish a change fund, at the end of the day the sales register tape showed sales of $1,000 and sales tax of $100 a cash count showed that there was $ 1,250 in the drawer. 1) Record the entry for establishing the change fund 2) record the cash sales for May 3 on the general journal Date Description Debit Credit Question 2: On 10 May, we issued a check of $150 to establish a change fund, at the end of the day the sales register tape showed sales of $800 and sales tax of $80 a cash count showed that there was $1,100 in the drawer. 1) Record the entry for establishing the change fund 2) record the cash sales for May 10 on the general journal Date Description Debit Credit Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started