3. Fortune Company was established petty cash as an internal control on January 1, with a $250 balance. On January 16, Betty Miller replenished the petty cash by writing a check for $100. The petty cash fund used for the following transaction: $12 was spent on office supplies $23 on food expense $71 on delivery charged On January 20, Fortune Company increased the amount of petty cash fund for $75. Prepare the journal entries for the petty cash transactions.
3. Fortune Company was established petty cash as an internal control on January 1, with a $250 balance. On January 16, Betty Miller replenished the petty cash by writing a check for $100. The petty cash fund used for the following transaction: $12 was spent on office supplies $23 on food expense $71 on delivery charged On January 20, Fortune Company increased the amount of petty cash fund for $75. Prepare the journal entries for the petty cash transactions.
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter6: Cash And Internal Control
Section: Chapter Questions
Problem 6.5E
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