Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

T. L. Jones Trucking Services establishes a petty cash fund on April 3 for $200. By the end of April, the fund has a cash

image text in transcribedimage text in transcribed

T. L. Jones Trucking Services establishes a petty cash fund on April 3 for $200. By the end of April, the fund has a cash balance of $97. The company has also issued a credit card and authorized its office manager to make purchases. Expenditures for the month include the following items: $ 435 44 Utilities (credit card) Entertainment (petty cash) Stamps (petty cash) Plumbing repair services (credit card) 59 630 Required: 1. Record the establishment of the petty cash fund on April 3. 2. Record credit card expenditures during the month. The credit card balance is paid in full on April 30. 3. Record petty cash expenditures during the month. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Answer is complete but not entirely correct. General Journal No Credit Date April 03 Debit 200 Petty Cash Cash 200 2 April 30 Utilities Expense Repairs and Maintenance Expense Accounts Payable 435 630 4352 1,065 3 April 30 Entertainment Expense Postage Expense Petty Cash 44 59 103

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

Emerging Markets And Financial Resilience Decoupling Growth From Turbulence

Authors: C. Hooy, R. Ali, HooyChee-Wooi, S. Ghon Rhee

2nd Edition

1137266600, 9781137266606

More Books

Students also viewed these Accounting questions

Question

What are the purposes of performance appraisals?

Answered: 1 week ago