Question
On August 20, 2022, Vacation Enterprises established a $300 petty cash fund. a) Prepare the entry to record the establishment of the fund. b) At
On August 20, 2022, Vacation Enterprises established a $300 petty cash fund.
a) Prepare the entry to record the establishment of the fund.
b) At the end of the month, the petty cash custodian analyzed all the monthly transactions. She opened the petty cash box and counted $100 cash remaining. There were also two receipts in the petty cash box: receipt # 1: $90 Entertainment and receipt #2: $98 Travel. Record the journal entries for this months expenses and replenish the fund.
c) At the end of the month, Vacation Enterprises wanted to increase the petty cash fund by $75. Prepare the journal entry to record the increase in petty cash fund.
Do not enter dollar signs or commas in the input boxes. For transactions with more than one debit or credit, enter the accounts in alphabetical order.
Date Account Title and Explanation Debit Credit 2022 Aug 20 AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCash Over and ShortDelivery ExpenseEntertainment ExpenseMaintenance ExpenseMiscellaneous ExpensePetty CashPostage ExpensePrepaid InsurancePrepaid RentSalaries ExpenseSales RevenueSupplies ExpenseTravel Expense Answer AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCash Over and ShortDelivery ExpenseEntertainment ExpenseMaintenance ExpenseMiscellaneous ExpensePetty CashPostage ExpensePrepaid InsurancePrepaid RentSalaries ExpenseSales RevenueSupplies ExpenseTravel Expense Answer To establish the petty cash fund Aug 31 AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCash Over and ShortDelivery ExpenseEntertainment ExpenseMaintenance ExpenseMiscellaneous ExpensePetty CashPostage ExpensePrepaid InsurancePrepaid RentSalaries ExpenseSales RevenueSupplies ExpenseTravel Expense Answer AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCash Over and ShortDelivery ExpenseEntertainment ExpenseMaintenance ExpenseMiscellaneous ExpensePetty CashPostage ExpensePrepaid InsurancePrepaid RentSalaries ExpenseSales RevenueSupplies ExpenseTravel Expense Answer AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCash Over and ShortDelivery ExpenseEntertainment ExpenseMaintenance ExpenseMiscellaneous ExpensePetty CashPostage ExpensePrepaid InsurancePrepaid RentSalaries ExpenseSales RevenueSupplies ExpenseTravel Expense Answer AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCash Over and ShortDelivery ExpenseEntertainment ExpenseMaintenance ExpenseMiscellaneous ExpensePetty CashPostage ExpensePrepaid InsurancePrepaid RentSalaries ExpenseSales RevenueSupplies ExpenseTravel Expense Answer To record expenses related to petty cash fund Aug 31 AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCash Over and ShortDelivery ExpenseEntertainment ExpenseMaintenance ExpenseMiscellaneous ExpensePetty CashPostage ExpensePrepaid InsurancePrepaid RentSalaries ExpenseSales RevenueSupplies ExpenseTravel Expense Answer AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCash Over and ShortDelivery ExpenseEntertainment ExpenseMaintenance ExpenseMiscellaneous ExpensePetty CashPostage ExpensePrepaid InsurancePrepaid RentSalaries ExpenseSales RevenueSupplies ExpenseTravel Expense Answer To increase the petty cash fund
On August 20, 2022, Vacation Enterprises established a $300 petty cash fund.
a) Prepare the entry to record the establishment of the fund.
b) At the end of the month, the petty cash custodian analyzed all the monthly transactions. She opened the petty cash box and counted $100 cash remaining. There were also two receipts in the petty cash box: receipt # 1: $90 Entertainment and receipt #2: $98 Travel. Record the journal entries for this months expenses and replenish the fund.
c) At the end of the month, Vacation Enterprises wanted to increase the petty cash fund by $75. Prepare the journal entry to record the increase in petty cash fund.
Do not enter dollar signs or commas in the input boxes. For transactions with more than one debit or credit, enter the accounts in alphabetical order.
| Date | Account Title and Explanation | Debit | Credit |
| 2022 | |||
| Aug 20 | AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCash Over and ShortDelivery ExpenseEntertainment ExpenseMaintenance ExpenseMiscellaneous ExpensePetty CashPostage ExpensePrepaid InsurancePrepaid RentSalaries ExpenseSales RevenueSupplies ExpenseTravel Expense | Answer | |
| AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCash Over and ShortDelivery ExpenseEntertainment ExpenseMaintenance ExpenseMiscellaneous ExpensePetty CashPostage ExpensePrepaid InsurancePrepaid RentSalaries ExpenseSales RevenueSupplies ExpenseTravel Expense | Answer | ||
| To establish the petty cash fund | |||
| Aug 31 | AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCash Over and ShortDelivery ExpenseEntertainment ExpenseMaintenance ExpenseMiscellaneous ExpensePetty CashPostage ExpensePrepaid InsurancePrepaid RentSalaries ExpenseSales RevenueSupplies ExpenseTravel Expense | Answer | |
| AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCash Over and ShortDelivery ExpenseEntertainment ExpenseMaintenance ExpenseMiscellaneous ExpensePetty CashPostage ExpensePrepaid InsurancePrepaid RentSalaries ExpenseSales RevenueSupplies ExpenseTravel Expense | Answer | ||
| AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCash Over and ShortDelivery ExpenseEntertainment ExpenseMaintenance ExpenseMiscellaneous ExpensePetty CashPostage ExpensePrepaid InsurancePrepaid RentSalaries ExpenseSales RevenueSupplies ExpenseTravel Expense | Answer | ||
| AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCash Over and ShortDelivery ExpenseEntertainment ExpenseMaintenance ExpenseMiscellaneous ExpensePetty CashPostage ExpensePrepaid InsurancePrepaid RentSalaries ExpenseSales RevenueSupplies ExpenseTravel Expense | Answer | ||
| To record expenses related to petty cash fund | |||
| Aug 31 | AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCash Over and ShortDelivery ExpenseEntertainment ExpenseMaintenance ExpenseMiscellaneous ExpensePetty CashPostage ExpensePrepaid InsurancePrepaid RentSalaries ExpenseSales RevenueSupplies ExpenseTravel Expense | Answer | |
| AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCash Over and ShortDelivery ExpenseEntertainment ExpenseMaintenance ExpenseMiscellaneous ExpensePetty CashPostage ExpensePrepaid InsurancePrepaid RentSalaries ExpenseSales RevenueSupplies ExpenseTravel Expense | Answer | ||
| To increase the petty cash fund |
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Principles Of Managerial Accounting
Authors: Christine Jonick, Dahlonega, GA
1st Edition
1940771455, 9781940771458
