Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Perry Company set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May. May

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Perry Company set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May. May 1 Prepared a conpany check for s4es to estab1ish the petty cash fund. May 15 Prepared a company check to replenish the fund for the following expenditures made since May 1. May 25 a. Paid $135 for janitorial services. May 25 b. Paid $191 for miscellaneos expenses. May 15 c. Paid postage expenses of 568 . May is d. Paid $34 to facebook for advertisine expense. May 15 e. Counted $76 remaining in the petty cash box. May 16 Prepared a conpany check for $200 to increase the fund to $60. May 31 The petty cashier reports that $240 cash rensins in the fund. A coepany check is drawn to replenish the fund for the following expenditures made since Ray 15. May 31 f. Paia pestage expenses of 1205 . May 31 g. Meirbursed the office manager for business nileage, $1e3. Kay 31h. Pald 834 to deliver merchandise to a custoner, terns foB destination. ray 31 The conpany decides that the May 16 increase in the fund was too large. It reduce: the fund by b16e, leaving a total of s44e. Journal entry worksheet 23 Prepared a company check for $400 to establish the petty cash fund. Note: Enter debits before credits. Journal entry worksheet 5 Prepared a company check to replenish the fund for the following expenditures made since May 1: $135 for janitorial services; $101 for miscellaneous expenses; postage expenses of $68; and $34 to Facebook for advertising expense. Counted $76 remaining in the petty cash box. Note: Enter debits before credits. Journal entry worksheet 5 Prepared a company check for $200 to increase the fund to $600. Note: Enter debits before credits. Journal entry worksheet The petty cashier reports that $240 cash remains in the fund. A company check is drawn to replenish the fund for the following expenditures made since May 15: postage expenses of $205, reimbursed the office manager for business mileage, $103; and $34 to deliver merchandise to a customer, terms Note: Enter debits before credits. Journal entry worksheet

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

Auditing Electronics Data Processing Systems

Authors: WATNE

1st Edition

0130516163, 978-0130516169

More Books

Students also viewed these Accounting questions