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Please calculate the short and over and Cash for june 30th. Suppose that on June 1, Fab Gyrations, a disc jockey service, creates a petty
Please calculate the short and over and Cash for june 30th.
Suppose that on June 1, Fab Gyrations, a disc jockey service, creates a petty cash fund with an imprest balance of $300. During June, Ruth Mangan, fund custodian, signs the following petty cash tickets: (Click the icon to view the petty cash tickets.) On June 30, prior to replenishment, the fund contains these tickets plus cash of $125. The accounts affected by petty cash payments are Office Supplies, Entertainment Expense, and Postage Expense. Read the requirements. Requirement 1. On June 30, how much cash should this petty cash fund hold before it's replenished? Before replenishment, the petty cash fund should hold cash of Requirement 2. Journalize all required entries to (a) create the fund and (b) replenish it. Include explanations. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table.) Journalize the creation of the fund. Journalize the replenishment of the fund. (Prepare a single compound journal entry.) \begin{tabular}{|c|c|c|c|} \hline \begin{tabular}{c} Petty Cash \\ Ticket Number \end{tabular} & Item & \multicolumn{2}{|c|}{ Amount } \\ \hline Ticket No. 1 & Postage for package received & $ & 20 \\ \hline Ticket No. 2 & Office party & & 10 \\ \hline Ticket No. 3 & Two boxes of stationery & & 35 \\ \hline Ticket No. 4 & Printer cartridges & & 30 \\ \hline Ticket No. 5 & Business dinner & & 75 \\ \hline \end{tabular}Step by Step Solution
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