Question
Prepare journal entries for each of the following (Refer to the Chart of Accounts for exact wording of account titles): Instructions a. On July 1,
Prepare journal entries for each of the following (Refer to the Chart of Accounts for exact wording of account titles):
Instructions | |
a. | On July 1, issued a check to establish a petty cash fund of $750. |
b. | The amount of cash in the petty cash fund is $102. Issued a check to replenish the fund, based on the following summary of petty cash receipts: store supplies, $507, and miscellaneous selling expense, $83. Record any missing funds in the cash short and over account |
CHART OF ACCOUNTSGeneral Ledger
ASSETS | |
110 | Cash |
111 | Petty Cash |
120 | Accounts Receivable |
131 | Notes Receivable |
132 | Interest Receivable |
141 | Merchandise Inventory |
145 | Office Supplies |
146 | Store Supplies |
151 | Prepaid Insurance |
181 | Land |
191 | Office Equipment |
192 | Accumulated Depreciation-Office Equipment |
193 | Store Equipment |
194 | Accumulated Depreciation-Store Equipment |
LIABILITIES | |
210 | Accounts Payable |
221 | Notes Payable |
222 | Interest Payable |
231 | Salaries Payable |
241 | Sales Tax Payable |
EQUITY | |
310 | Common Stock |
311 | Retained Earnings |
312 | Dividends |
REVENUE | |
410 | Sales |
610 | Interest Revenue |
EXPENSES | |
510 | Cost of Merchandise Sold |
515 | Credit Card Expense |
516 | Cash Short and Over |
520 | Salaries Expense |
531 | Advertising Expense |
532 | Delivery Expense |
533 | Insurance Expense |
534 | Office Supplies Expense |
535 | Rent Expense |
536 | Repairs Expense |
537 | Selling Expenses |
538 | Store Supplies Expense |
561 | Depreciation Expense-Office Equipment |
562 | Depreciation Expense-Store Equipment |
591 | Miscellaneous Administrative Expense |
592 | Miscellaneous Selling Expense |
710 | Interest Expense |
a. On July 1, issued a check to establish a petty cash fund of $750. Refer to the Chart of Accounts for exact wording of account titles.
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b. On December 31, the amount of cash in the petty cash fund is $102. Issued a check to replenish the fund, based on the following summary of petty cash receipts: store supplies, $507, and miscellaneous selling expense, $83. Record any missing funds in the cash short and over account. Refer to the Chart of Accounts for exact wording of account titles.
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