Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 1 Pharoah Boxes uses a petty cash imprest system. The fund was established on February 14 with a balance of $94. On February 28,

image text in transcribed

Question 1 Pharoah Boxes uses a petty cash imprest system. The fund was established on February 14 with a balance of $94. On February 28, there were $5 cash and the following petty cash receipts in the petty cash box: Amount $9 Date Feb. 15 18 20 Receipt No. 1 2 3 4 5 For Supplies Postage expense Freight in (assume perpetual inventory system) Supplies Delivery charges on outgoing freight Supplies 9 25 12 21 22 17 23 27 Record the journal entry on February 14 to establish the petty cash fund. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Feb. 14 Record the journal entry on February 28 to replenish the fund. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Feb. 28

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

Financial Accounting

Authors: Robert Libby, Patricia Libby, Frank Hodge

11th Edition

1264229739, 9781264229734

More Books

Students also viewed these Accounting questions

Question

14. Now reconcile what you answered to problem 15 with problem 13.

Answered: 1 week ago