Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Petty Cash Ticket No. Item Account Debited Amount 1 Delivery of programs Delivery Expense $ 20 to customers 2. Mail package 30 3 Newsletter Postage

image text in transcribed

image text in transcribed

image text in transcribedimage text in transcribedimage text in transcribed

Petty Cash Ticket No. Item Account Debited Amount 1 Delivery of programs Delivery Expense $ 20 to customers 2. Mail package 30 3 Newsletter Postage Expense Printing Expense Miscellaneous Expense 50 4 Key to closet 35 5 Copier paper Office Supplies 55 Print Done 1. Make the general journal entry to create the petty cash fund. Include an explanation. 2. Make the general journal entry to record the petty cash fund replenishment. Cash in the fund totals $61. Include an explanation. 3. Assume that Andrew's Dance Studio decides to decrease the petty cash fund to $110. Make the general journal entry to record this decrease. Print Done Andrew's Dance Studio created a $270 imprest petty cash fund. During the month, the fund custodian authorized and signed petty cash tickets as follows: (Click the icon to view the petty cash tickets.) Read the requirements. Requirement 1. Make the general journal entry to create the petty cash fund. Include an explanation. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Requirement 2. Make the general journal entry to record the petty cash fund replenishment. Cash in the fund totals $61. Include an explanation. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table. Prepare a single compound journal entry.) Date Accounts and Explanation Debit Credit Requirement 3. Assume that Andrew's Dance Studio decides to decrease the petty cash fund to $110. Make the general journal entry to record this decrease. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit

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

IT Auditing And Sarbanes Oxley Compliance Key Strategies For Business Improvement

Authors: Dimitris N. Chorafas

1st Edition

036738650X, 978-0367386504

More Books

Students also viewed these Accounting questions