Question
Sheridan Company established a petty cash fund on May 1, cashing a check for $100. The company reimbursed the fund on June 1 and July
Sheridan Company established a petty cash fund on May 1, cashing a check for $100. The company reimbursed the fund on June 1 and July 1 with the following results.
| June 1: Cash in fund $2.55. | Receipts: delivery expense $27.05, postage expense $38.30, and miscellaneous expense $29.90. | |
| July 1: Cash in fund $4.05. | Receipts: delivery expense $22.50, entertainment expense $47.50, and miscellaneous expense $25.95. |
On July 10, Sheridan increased the fund from $100 to $130.00.
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+ Chapter 8 Assignment Question 1 of 7 -/10 Prepare journal entries for Sheridan Company for May 1, June 1, July 1, and July 10. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, eg. 52.75. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debil Credit eTextbook and MediaStep by Step Solution
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Managerial Accounting
Authors: John Wild, Ken Shaw
5th edition
978-1259176494, 1259176495, 978-1259347641, 1259347648, 978-0078025600
