ZuoTi.Pro
Question

Deep Diving World established a $500 petty cash fund on July 1. During the month of...

Deep Diving World established a $500 petty cash fund on July 1. During the month of July, petty cash was issued in exchange for the following receipts:
July ​2​Supplies​​$ 65
July 7​​Courier​ 10
July 10​​Postage ​​52
July 17​​Advertising​​125
July 18 Postage ​​20
July 25​​Advertising ​​47
July 28​​Courier​​70
On July 31, the cash is counted and the balance remaining is found to be $136. A cheque is issued to replenish the fund and increase the fund to $ 600 all at the same time.
Instructions
Prepare the necessary journal entries for July 1 and July 31.
business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

solution Date Account title Debit Credit July petty cash 5oo 500 cash [ Being anount transfered to Petty cash Suppleez 65 FulJuly 10 52 July 17 postage petty cash [ Being expenses incurred from petty cash ] Advertising petty cash [ Being expenses inc

0 0
Add a comment
Know the answer?
Add Answer to:
Deep Diving World established a $500 petty cash fund on July 1. During the month of...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Solve question 2 Question 2 (12 marks) Browns Business established a $400 petty cash fund on...

    Solve question 2 Question 2 (12 marks) Browns Business established a $400 petty cash fund on July 1. During the month of July, petty cash was issued in exchange for the following receipts July 2 Supplies. July 7Courier... July 10 Postage $ 65 10 52 Page 1

  • A company established a petty cash fund of $100 on September 1

    Problems 1.) A company established a petty cash fund of $100 on September 1. On September 10, the petty cash fund was replenished when there was $16 remaining and there were petty cash receipts for: office supplies, $27; courier, $32; and postage, $22. On September 15, the petty cash fund was increased to $125 in total. Record the above transactions in general journal form.

  • Exercise 7-8 Petty cash fund L04 Dallas Repairs completed the following petty cash transactions during July...

    Exercise 7-8 Petty cash fund L04 Dallas Repairs completed the following petty cash transactions during July 2020: July 5 6 12 14 18 Prepared a $250 cheque, cashed it and turned the proceeds and the petty cash box over to Elliott Grace, the petty cash custodian. Paid $18.00 courier fees. Purchased file folders, $12.50. Reimbursed Dara Bains, the manager of the business, $34.26 for office supplies purchased. Purchased paper for printer, $42.15. Purchased stamps, $23.00 Reimbursed Dara Bains $64.80 for...

  • 4. (15 Points). Feathers Co. established a petty cash fund of $150 on October 1. On...

    4. (15 Points). Feathers Co. established a petty cash fund of $150 on October 1. On October 10 the petty cash fund was replenished when there was $49 remaining and there were petty cash receipts for: office supplies, $47; transportation-in on inventory purchased, $32; and postage, 522. On October 15, the petty cash fund was decreased to $125 in total. Record the above transactions in general journal form. Date Debit Credit

  • 15 P7 2B Haig Company maintains a petty cash fund for small expenditures The following July 1 Est...

    15 P7 2B Haig Company maintains a petty cash fund for small expenditures The following July 1 Established petty cash fund by writing a check on China Bank for $100 15 Replenished the petty cash fund by writing a check for $96.90 On this date, the fund consisted of $3.10 in cash and these petty cash receipts: S51.00 expense $23.10 expense $6.10 31 31 Replenished the petty cash fund by writing a check for $95.90 At this date, the fund...

  • Accounting: Petty Cash journal entry

    A small company maintains a petty cash fund for minor expenditures. In June and July 2011, the following transactions took place:1. The fund was established in the amount of $100.00 on June 1 from the proceeds of check no. 2707.2. On June 30, the petty cash fund had cash of $15.46 and the following receipts on hand: postage, $40.00; supplies, $24.94; delivery service, $12.40; and rubberstamp, $7.20. Check no. 2778 was drawn to replenish the fund.3. On July 31, the...

  • Problem 7-3A Petty cash fund reimbursement and analysis of errors LO4 Capital Irrigation has only a...

    Problem 7-3A Petty cash fund reimbursement and analysis of errors LO4 Capital Irrigation has only a General Journal in its accounting system and uses it to record all transactions. However, the company recently set up a petty cash fund to facilitate payments of small items. The following petty cash transactions were noted by the petty cashier as occurring during April 2020: Apr. 1 Received a company cheque for $230 to establish the petty cash fund. 15 Received a company cheque...

  • *E7.19 (LO 5), AP Kael Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August.

    *E7.19 (LO 5), AP Kael Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August. Journalize and post petty cash fund transactions. Aug. 1 Established the petty cash fund by writing a check payable to the petty cash custodian for $200. 15 Replenished the petty cash fund by writing a check for $175. On this date, the fund consisted of $25 in cash and these petty cash receipts: freight-out $74.40, entertainment expense $36, postage expense $33.70,...

  • Kiona Co. set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May

     Kiona Co. set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May (the last month of the company's fiscal year). May 1 Prepared a company check for $450 to establish the petty cash fund. 15 Prepared a company check to replenish the fund for the following expenditures made since May 1. 4. Paid $140.40 for janitorial expenses. b. Paid $114.62 for miscellaneous expennes. c. Paid postage expenses of $78.30. d. Paid $102.87 to Facebook...

  • Kiona Co. set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May

     Kiona Co. set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May (the last month of the company's fiscal year). May 1 Prepared a company check for $300 to establish the petty cash fund. 15 Prepared a company check to replenish the fund for the following expenditures made since May 1. a. Paid $88 for janitorial expenses. b. Paid $53.68 for miscellaneous expenses. c. Paid postage expenses of $53.50. d. Paid $47.15 to Facebook...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT