Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 2 Pharoah Buttons uses a petty cash imprest system. The fund was established on September 4 with a balance of $210. On September 30,

Question 2 Pharoah Buttons uses a petty cash imprest system. The fund was established on September 4 with a balance of $210. On September 30, there were $55 cash and the following petty cash receipts in the petty cash box: Date Receipt No. For Amount Sept. 5 1 Freight in (assume perpetual inventory system) $27 9 2 Delivery charges on outgoing freight 13 14 3 Freight in 27 16 4 Supplies 8 20 5 Delivery charges on outgoing freight 21 29 6 Freight in 40 Record the journal entry on September 4 to establish the petty cash fund. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Sept. 4 enter an account title for the journal entry on September 4 Petty Cash enter a debit amount 210 enter a credit amount enter an account title for the journal entry on September 4 Cash enter a debit amount enter a credit amount 210 Record the journal entry on September 30 to replenish the fund and decrease the balance to $140. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Sept. 30 enter an account title for the journal entry on September 30 enter a debit amount enter a credit amount enter an account title for the journal entry on September 30 enter a debit amount enter a credit amount enter an account title for the journal entry on September 30 enter a debit amount enter a credit amount enter an account title for the journal entry on September 30 enter a debit amount enter a credit amount enter an account title for the journal entry on September 30 enter a debit amount enter a credit amount enter an account title for the journal entry on September 30 enter a debit amount enter a credit amount.

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

The Medicare Recovery Audit Contractor Program A Survival Guide For Healthcare Providers

Authors: Duane C. Abbey

1st Edition

1439821003, 978-1439821008

More Books

Students also viewed these Accounting questions