Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Waterway, Inc. decided to establish a petty cash fund to help ensure internal control over its small cash expenditures. The following information is available for

image text in transcribed

Waterway, Inc. decided to establish a petty cash fund to help ensure internal control over its small cash expenditures. The following information is available for the month of April. 1. On April 1, it established a petty cash fund in the amount of $240 2. A summary of the petty cash expenditures made by the petty cash custodian as of April 10 is as follows. Delivery charges paid on merchandise purchased Supplies purchased and used Postage expense .O.U. from employees Miscellaneous expense $71 36 28 47 The petty cash fund was replenished on April 10. The balance in the fund was $7. 3. The petty cash fund balance was increased by $111 to $351 on April 20. Prepare the journal entries to record transactions related to petty cash for the month of April. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Credit April 10 April 1 April 10 April 20 jould like to Show Work for this quesion: pen Show work

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions