Answered step by step
Verified Expert Solution
Question
1 Approved Answer
On August 3, Sonar Sales decides to establish a $275 petty cash fund to relieve the burden on Accounting. a. Journalize the establishment of
On August 3, Sonar Sales decides to establish a $275 petty cash fund to relieve the burden on Accounting. a. Journalize the establishment of the fund. If an amount box does not require an entry, leave it blank. Aug. 3 Petty Cash Cash 275 275 b. On August 11, the petty cash fund has receipts for mail and postage of $124.75, contributions and donations of $53.25, meals and entertainment of $63.85, and $32.75 in cash. Journalize the replenishment of the fund. Round your answers to two decimal places. If an amount box does not require an entry, leave it blank. Aug. 11 Mail and Postage Expense 124.75 Contributions and Donations Expense 53.25 Meals and Entertainment Expense 63.85 Cash Short and Over 0.4 Petty Cash 242.25 c. On August 12, Sonar Sales decides to increase petty cash to $400. Journalize this transaction. If an amount box does not require an entry, leave it blank. Aug. 12 Petty Cash Cash 400 400
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