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Need help on part b. Lyle Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August Aug. 1
Need help on part b.
Lyle 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 on Westown Bank for $208. 15 Replenished the petty cash fund by writing a check for $179. On this date, the fund consisted of $29 in cash and these petty cash receipts: freight-out $70.40, entertainment expense $32.00, postage expense $29.70 and miscellaneous expense $43.74 16 Increased the amount of the petty cash fund to $408 by writing a check for $200. 31 Replenished the petty cash fund by writing a check for $287. On this date, the fund consisted of $121 in cash and these petty cash receipts: postage expense $141.00, entertainment expense $100.60, and freight-out $42.40. (a) Your answer is correct. Journalize the petty cash transactions Date Account Titles and Explanatio Aug.1 Petty Cash 208 Cash 208 Aug.15 Freight-out 70.40 32 Entertainment Expense 29.7 T Postage Expense Miscellaneous Expense 43.74 3.16 T Cash Over and Short Cash 179 Aug.16 Petty Cash 200 Cash 200 Aug .31 Postage Expense T 141 100.60 Entertainment Expense 42.4 T Freight Out Cash Over and short 3 Cash 287 (b) Post to the Petty Cash account. Petty CashStep by Step Solution
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