Pina, 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 $249.
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 | $74 | |
Supplies purchased and used | 39 | |
Postage expense | 47 | |
I.O.U. from employees | 31 | |
Miscellaneous expense | 50 |
The petty cash fund was replenished on April 10. The balance in the
fund was $2.
3. The petty cash fund balance was increased $114
to $363 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 | Debit | Credit |
April 1 | Petty Cash | $249 | |
Cash | $249 | ||
April 10 | Freight In(or Inventory) | 74 | |
Supplies expense | 39 | ||
Postage expense | 47 | ||
I.O.U. from employees | 31 | ||
Miscellaneous expense | 50 | ||
Cash over and short | 6 | ||
Cash (249-2) | 247 | ||
April 20 | Petty cash (363-114) | 249 | |
Cash | 249 |
Pina, Inc. decided to establish a petty cash fund to help ensure internal control over its small cash expenditures. The...
Sheffield, 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 $249. 2. A summary of the petty cash expenditures made by the petty cash custodian as of April 10 is as follows $74 39 Delivery charges paid on merchandise purchased Supplies purchased and used Postage expense LO.U....
Sheffield, 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 $248. 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 $72 Supplies purchased and used Postage expense I.O.U. from...
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