The petty cash fund of Pronghorn’s Auto Repair Service, a sole proprietorship, contains the following. 1....
The petty cash fund of Pronghorn’s Auto Repair Service, a sole
proprietorship, contains the following.
| 1. | Coins and currency | $15.60 | ||||
| 2. | Postage stamps | 3.30 | ||||
| 3. | An I.O.U. from Richie Cunningham, an employee, for cash advance | 40.40 | ||||
| 4. | Check payable to Pronghorn’s Auto Repair from Pottsie Weber, an employee, marked NSF | 34.40 | ||||
| 5. | Vouchers for the following: | |||||
| Stamps | $ 20.40 | |||||
| Two Rose Bowl tickets for Nick Pronghorn | 189.00 | |||||
| Printer cartridge (Use the Office Supplies account) | 14.75 | 224.15 | ||||
| $317.85 |
The general ledger account Petty Cash has a balance of $326.
Prepare the journal entry to record the reimbursement of the petty
cash fund.
Homework Answers
| Answer | ||
| General Journal | Debit | Credit |
|
Cash Over and Short |
$ 11.45 | |
| Nick Flint-Drawings | $189.00 | |
| Accounts receivable-Employees (40.40+34.40) | $ 74.80 | |
| Repair and maintenance expense | $ 14.75 | |
| Postage expense (20.40-3.30) | $ 17.10 | |
| Office supplies | $ 3.30 | |
| Cash (326-15.60) | $310.40 | |
Add Answer to:
The petty cash fund of Pronghorn’s Auto Repair Service, a sole
proprietorship, contains the following.
1....
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During October, Cullumber Company experiences the following transactions in establishing a petty cash fund. Oct. 1...
During October, Cullumber Company experiences the following
transactions in establishing a petty cash fund.
Oct. 1
A petty cash fund is established with a check for $146.00
issued to the petty cash custodian.
31
A check was written to reimburse the fund and increase the fund
to $196.00. A count of the petty cash fund disclosed the following
items:
Currency
$59.00
Coins
2.08
Expenditure receipts (vouchers):
Supplies
$24.72
Miscellaneous items
15.02
Postage
38.32
Freight-Out
5.42
Journalize the entries in October...
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During October, Cullumber Company experiences the following
transactions in establishing a petty cash fund.
Oct. 1
A petty cash fund is established with a check for $146.00
issued to the petty cash custodian.
31
A check was written to reimburse the fund and increase the fund
to $196.00. A count of the petty cash fund disclosed the following
items:
Currency
$59.00
Coins
2.08
Expenditure receipts (vouchers):
Supplies
$24.72
Miscellaneous items
15.02
Postage
38.32
Freight-Out
5.42
Journalize the entries in October...
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