Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following transactions pertain to the petty cash fund of Carrington Company: Nov. 2 A $ 450 check is drawn, cashed, and the cash placed

The following transactions pertain to the petty cash fund of Carrington Company: Nov. 2 A $ 450 check is drawn, cashed, and the cash placed in the care of the assistant office manager to be used as a petty cash fund. Dec. 17 The fund is replenished. An analysis of the fund shows: Coins and currency $147.40 Petty cash vouchers for: Delivery expenses 173.48 Transportation-In 111.12 Postage stamps purchased 15.00 31 The end of the accounting period falls on this date. The fund was not replenished. The fund's contents on this date consist of: Coins and currency $ 352.05 Petty cash vouchers for: Delivery expenses 31.65 Postage stamps purchased 36.30 Employee's IOU 30.00 Present journal entries to record these transactions. Use the Cash Short and Over account for any shortage or overage in the fund.

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

Advanced Financial Accounting An International Approach

Authors: Jagdish Kothari, Elisabetta Barone

1st Edition

0273712748, 978-0273712749

More Books

Students also viewed these Accounting questions

Question

Who or what is affected by this situation?

Answered: 1 week ago

Question

How important is this situation to the organizations mission?

Answered: 1 week ago