On October 1, 2018, "ABC" Company establishes a petty cash fund by issuing a check for $200 to the custodian of the petty cash fund. On October 31, 2018, the custodian of the petty cash fund submitted the following paid petty cash receipts for replenishment of the petty cash fund when there is $47 cash in the fund: Freight-Out: $27 • Supplies Expense: 35 • Entertainment of Clients: 60 Postage Expense: 28 Based on the above given information, answer the following questions: The establishment of the petty cash On the replenishment date of the petty cash the information, the journal entry should record a cash over and short on the on the company's total asset. should make a journal entry. And based on the above given with an amount of
On October 1, 2018, "ABC" Company establishes a petty cash fund by issuing a check for $200 to the custodian of the petty cash fund. On October 31, 2018, the custodian of the petty cash fund submitted the following paid petty cash receipts for replenishment of the petty cash fund when there is $47 cash in the fund: Freight-Out: $27 • Supplies Expense: 35 • Entertainment of Clients: 60 Postage Expense: 28 Based on the above given information, answer the following questions: The establishment of the petty cash On the replenishment date of the petty cash the information, the journal entry should record a cash over and short on the on the company's total asset. should make a journal entry. And based on the above given with an amount of
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 2PA
Related questions
Question
am. 1200
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning