Please help! I cannot figure out how to correctly solve the Petty Cash account problem.
The journal entries you booked are all correct. The T account will be prepared in the following manner:
Petty Cash | |||
Date | Dr | Date | Cr |
Aug-01 | $ 215 | ||
Aug-16 | $ 105 | ||
Total | $ 320 | Total | $ - |
Aug 31 Balance | $ 320 |
Only the transactions which impact the petty cash account should be transferred to the Petty Cash T account.
Please comment in case of any issue and I will be happy to help.
Please help! I cannot figure out how to correctly solve the Petty Cash account problem. Problem...
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