PLease answer below question using the attached document to complete

QUESTION 1.

Pacific Press maintains an imprest petty cash fund of $400, which is under the control of Brenda Montague. At 30 November, the fund holds $215 cash and petty cash vouchers for travel expenses, $80; office supplies, $60; and delivery expense, $40.

Required: Prepare the general journal entries to record:

(a) the establishment of the petty cash fund on 1November

(b) the replenishment of the fund on 30 November. Ignore GST.

(c) On the 1^st of December it was decided to decrease the Petty Cash fund to $300.

Explanations (Narrations) are NOT required.

Question 2.

On 31^st August, ABC Ltd had a $155,000 debit balance in Accounts Receivable and a $ $6,200 credit balance in Allowance for doubtful debts. During September ABC Ltd mad:

• Sales on Credit, $590,000
• Collections on account, $627,000
• Write off of bad debts , $7,000.

Record sales and collections on account. Then record the adjustment for bad debt expense (3% of credit sales) and the write-off of customer accounts for September using the allowance method.

1101AFE Accounting Principles - Semester 1 2016 Assessable Homework Chapters 8 & 9 QUESTION 1. Pacific Press maintains an imprest petty cash fund of $400, which is under the control of Brenda Montague. At 30 November, the fund holds $215 cash and petty cash vouchers for travel expenses, $80; office supplies, $60; and delivery expense, $40. Required: Prepare the general journal entries to record: (a) the establishment of the petty cash fund on 1 November (b) the replenishment of the fund on 30 November. Ignore GST. (c) On the 1st of December it was decided to decrease the Petty Cash fund to $300. Explanations (Narrations) are NOT required. DATE ACCOUNTS AND EXPLANATIONS DEBIT CREDIT Question 2. On 31st August, ABC Ltd had a $155,000 debit balance in Accounts Receivable and a $ $6,200 credit balance in Allowance for doubtful debts. During September ABC Ltd mad: a. Sales on Credit, $590,000 b. Collections on account, $627,000 c. Write off of bad debts , $7,000. Record sales and collections on account. Then record the adjustment for bad debt expense (3% of credit sales) and the write-off of customer accounts for September using the allowance method. DATE ACCOUNTS AND EXPLANATIONS DEBIT CREDIT