Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On April 3rd, Snappy Sales decides to establish a $135.00 Petty Cash Account to relieve the burden on Accounting. (a) Journalize this event. Apr 3

On April 3rd, Snappy Sales decides to establish a $135.00 Petty Cash Account to relieve the burden on Accounting. (a) Journalize this event.


Apr 3 -Select-Petty CashCash Short and OverAccounts ReceivableSalesCashItem 1 $
-Select-Petty CashCash Short and OverAccounts ReceivableSalesCashItem 3 $

(b) On April 11th, the petty cash fund has receipts for mail and postage of $32.75, contributions and donations of $25.25, meals and entertainment of $68.00 and $9.75 in cash. Journalize the replenishment of the fund. When required, enter your answers in dollars and cents.


Apr 11 -Select-SalesMail and Postage ExpensePetty CashCash Short and OverCashItem 5 $
-Select-Petty CashAccounts PayableContributions and Donations ExpenseCash Short and OverCashItem 7 $
-Select-Meals and Entertainment ExpensePetty CashAccounts ReceivableCash Short and OverCashItem 9 $
-Select-Meals and Entertainment ExpenseMail and Postage ExpenseContributions and Donations ExpenseCash Short and OverPetty CashItem 11 $
-Select-Meals and Entertainment ExpenseMail and Postage ExpensePetty CashCashContributions and Donations ExpenseItem 13 $

(c) On April 12th, Snappy Sales decides to increase petty cash to $175.00. Journalize this event.


Apr 12 -Select-Petty CashAccounts ReceivableSalesCash Short and OverCashItem 15 $
-Select-Petty CashAccounts ReceivableSalesCash Short and OverCashItem 17 $

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

Managerial Accounting Tools For Business Decision Making

Authors: Strayer University

2010th Custom Edition

0470603534, 978-0470603536

More Books

Students also viewed these Accounting questions

Question

Describe the new structures for the HRM function. page 676

Answered: 1 week ago