Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

! Required information [The following information applies to the questions displayed below.] Austin Company established a petty cash fund by issuing a check for

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

! Required information [The following information applies to the questions displayed below.] Austin Company established a petty cash fund by issuing a check for $231 and appointing Steve Mack as petty cash custodian. Mack had vouchers for the following petty cash payments during the month. Stamps Miscellaneous items Employee supper money Taxi fare Window-washing service $41 14 56 36 71 There was $11 of currency in the petty cash box at the time it was replenished. The four distinct accounting events affecting the petty cash fund for the period were (1) establishment of the fund, (2) reimbursements made to employees, (3) recognition of expenses, and (4) replenishment of the fund. Assume the company uses a traditional approach to petty cash expense recognition and replenishment. Required a. Prepare all general journal entries necessary to (1) establish the fund, (2) reimburse employees, (3) recognize the expenses and replenish the fund. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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

Horngrens Accounting

Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura

10th edition

133117413, 978-0133129519, 133129519, 978-0133129557, 133129551, 978-0133117561, 133117561, 978-0133117417

More Books

Students also viewed these Accounting questions

Question

Where in the hiring process are you?

Answered: 1 week ago

Question

What is job rotation ?

Answered: 1 week ago

Question

Prepare adjustments and close accounts for a merchandising company

Answered: 1 week ago