Question
On February 20, 2019, Skyline Enterprises established a $400 petty cash fund. a) Prepare the entry to record the establishment of the fund. b) At
On February 20, 2019, Skyline Enterprises established a $400 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 $133 cash remaining. There were also two receipts in the petty cash box: receipt # 1: $120 Entertainment and receipt #2: $131 Travel. Record the journal entries for this months expenses and replenish the fund.
c) At the end of the month, Skyline Enterprises wanted to increase the petty cash fund by $50. 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.
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