Answered step by step
Verified Expert Solution
Question
1 Approved Answer
solve this question as soon as possible. I need it right now Global Filter Corp. completed the following petty cash transactions during July and August
solve this question as soon as possible. I need it right now
Global Filter Corp. completed the following petty cash transactions during July and August in 2014: July 1 : Drew a $300.00 cheque, cashed it, and gave the proceeds and the petty cash box to Hector Mendez, the petty cashier. July 4 : Paid $36.15 to mail a contract to a client. July 5 : Purchased office supplies for $26.40, to be used this month. July 6 : Paid $45.20 courier charges to deliver merchandise to a customer. July 25 : Purchased office file folders, $41.20, to be used this month. July 25: Paid \$23.75 COD charges on merchandise purchased for resale (assume a perpetual inventory system). July 31: Hector Mendez sorted the petty cash receipts by accounts affected and exchanged them for a cheque to reimburse the fund for expenditures. There was $127.30 in cash in the fund. August 2 : Paid $33.65 for minor computer repairs. August 15 : Paid $40.15 for refreshments for meetings. August 23 : Purchased ink for the office photocopier, $34.40, to be used this month. expenditures. There was $127.30 in cash in the fund. August 2 : Paid $33.65 for minor computer repairs. August 15 : Paid $40.15 for refreshments for meetings. August 23 : Purchased ink for the office photocopier, $34.40, to be used this month. August 31: Hector Mendez sorted the petty cash receipts by accounts affected and exchanged them for a cheque to reimburse the fund for expenditures. However, there was $195.60 in cash in the fund. Prepare three journal entries: one to establish the petty cash fund, the second to record the reimbursement of the fund at the end of the first month, and the last to record the reimbursement of the fund at the end of the second month. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/ Jan) 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