Question
Question Content Area On April 2, Granger Sales decides to establish a $125 petty cash fund to relieve the burden on Accounting. Question Content Area
Question Content Area
On April 2, Granger Sales decides to establish a $125 petty cash fund to relieve the burden on Accounting.
Question Content Area
a. Journalize the establishment of the fund. If an amount box does not require an entry, leave it blank.
Apr. 2 | CashInterest RevenueNotes ReceivablePetty CashSales | - Select - | - Select - |
CashInterest RevenueNotes ReceivablePetty CashSales | - Select - | - Select - |
Question Content Area
b. On April 10, the petty cash fund has receipts for mail and postage of $43.50, contributions and donations of $29.50, meals and entertainment of $38.25, and $13.55 in cash. Journalize the replenishment of the fund. If an amount box does not require an entry, leave it blank and round your answers to two decimal places, if necessary.
Apr. 10 | Accounts PayableCashMail and Postage ExpensePetty CashSales | - Select - | - Select - |
Accounts ReceivableCashContributions and Donations ExpensePetty CashSales Discounts | - Select - | - Select - | |
Accounts ReceivableCashMeals and Entertainment ExpensePetty CashSales Discounts | - Select - | - Select - | |
Accounts ReceivableCashCash Short and OverPetty CashSales Discounts | - Select - | - Select - | |
CashCash Short and OverContributions and Donations ExpenseMail and Postage ExpensePetty Cash | - Select - | - Select - |
Question Content Area
c. On April 11, Granger Sales decides to increase petty cash to $200. Journalize this event. If an amount box does not require an entry, leave it blank.
Apr. 11 | CashInterest RevenueNotes ReceivablePetty CashSales | - Select - | - Select - |
CashInterest RevenueNotes ReceivablePetty CashSales | - Select - | - Select - |
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