Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Petty Cash Journal Entries On January 1, 20-, a check was written in the amount of $300 to establish a petty cash fund. During January,
Petty Cash Journal Entries On January 1, 20-, a check was written in the amount of $300 to establish a petty cash fund. During January, the following vouchers were written for cash removed from the petty cash drawer: Voucher No. Account Debited Amount 1 Phone Expense $21.20 2 Automobile Expense 39.60 3 James Lucas, Drawing 85.00 Postage Expense 15.30 5 Charitable Contributions Expense 20.00 6 Miscellaneous Expense 47.00 Based on the petty cash Information, prepare(a) the journal entry to establish a petty cash fund and (b) the journal entry to replenish the petty cash fund. 4 Based on the petty cash information, prepare (a) the journal entry to establish a petty cash fund and (b) the journal entry to replenish the petty cash fund. Page: DATE ACCOUNT TITLE DOC. POST NO, REF DEBIT CREDIT 1 20- Jan. 1 1 2 3 To establish the petty cash fund 3 4 on 31 6 6 7 7 8 8 9 10 10 11 11 12 To replenish petty cash fund 12
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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