Alpesh T. L. Jones Trucking Services establishes a petty cash fund on April 2 for $500. By the end of April, the fund has a cash balance of$399. The company has also issued a credit card and authorized its office manager to make purchases. Expenditures for the monthinclude the following items:Utilities (credit card)Entertainment (petty cash)Stamps (petty cash)Plumbing repair services (credit card)Required:$13443582291. Record the establishment of the petty cash fund on April 2.2. Record credit card expenditures during the month. The credit card balance will not be paid until the following month.3. Record petty cash expenditures during the month.4. Record the replenishment of the petty cash fund on April 30th back up to the original amount established on April 2.(If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

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T. L. Jones Trucking Services establishes a petty cash fund on April 2 for $500. By the end of April, the fund has a cash balance of $399. The company has also issued a credit card and authorized its office manager to make purchases. Expenditures for the month include the following items: Utilities (credit card) Entertainment (petty cash) $134 43 Plumbing repair services (credit card) 58 229 Stamps (petty cash)

T. L. Jones Trucking Services establishes a petty cash fund on April 2 for $500. By the end of April, the fund has a cash balance of $399. The company has also issued a credit card and authorized its office manager to make purchases. Expenditures for the month include the following items: Utilities (credit card) Entertainment (petty cash) $134 43 Plumbing repair services (credit card) 58 229 Stamps (petty cash)

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

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On September 1, French company has decided to initiate a petty cash fund in the amount of $800. Prepare journal entries for the following transactions: A. On September 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $37, Supplies $124, Postage Expense $270, Repairs and Maintenance Expense $168, Miscellaneous Expense $149. The cash on hand at this time was $48. B. On September 14, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $210. C. On September 23, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $251, Supplies $88, Postage Expense $63, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $20. D. On September 29, the company determined that the petty cash fund needed to be increased to $1,000. E. On September 30, the petty cash fund needed replenishment as it was month end. The following are the receipts: Auto Expense $18, Supplies $15, Postage Expense $57, Repairs and Maintenance Expense $49, Miscellaneous Expense $29. The cash on hand at this time was $837.
On June 1 French company has decided to initiate a petty cash fund in the amount of $800. Prepare journal entries for the following transactions: A. On June 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $37, Supplies $124, Postage Expense $270, Repairs and Maintenance Expense $168, Miscellaneous Expense $149. The cash on hand at this time was $48. B. On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $220. C. On June 23, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $251, Supplies $88, Postage Expense $63, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $20. D. On June 29, the company determined that the petty cash fund needed to be increased to $1,000. E. On June 30, the petty cash fund needed replenishment, as it was month end. The following are the receipts: Auto Expense $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $437.
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