Question
Prepare journal entries for each of the following (refer to the Chart of Accounts for exact wording of account titles): Instructions A. On March 1,
Prepare journal entries for each of the following (refer to the Chart of Accounts for exact wording of account titles):
Instructions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
A. | On March 1, issued a check to establish a petty cash fund of $745. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
B. | On April 1, 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: repair expense, $506, and miscellaneous selling expense, $86. Record any missing funds in the cash short and over account.
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CHART OF ACCOUNTS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General Ledger | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
A. On March 1, issued a check to establish a petty cash fund of $745. Refer to the Chart of Accounts for exact wording of account titles.
PAGE 1
JOURNAL
ACCOUNTING EQUATION
DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | ASSETS | LIABILITIES | EQUITY | |
---|---|---|---|---|---|---|---|---|
1 |
|
|
|
|
|
|
|
|
2 |
|
|
|
|
|
|
|
|
B. On April 1, 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: repair expense, $506 and miscellaneous selling expense, $86. Record any missing funds in the cash short and over account. Refer to the Chart of Accounts for exact wording of account titles.
PAGE 1
JOURNAL
ACCOUNTING EQUATION
DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | ASSETS | LIABILITIES | EQUITY | |
---|---|---|---|---|---|---|---|---|
1 |
|
|
|
|
|
|
|
|
2 |
|
|
|
|
|
|
|
|
3 |
|
|
|
|
|
|
|
|
4 |
|
|
|
|
|
|
|
|
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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