7. On May 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare journal entries for the following transactions: A. On July 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $125, Supplies $368, Postage Expense $325, Repairs and Maintenance Expense $99, Miscellaneous Expense $259. The cash on hand at this time was $38. B. On June 14, the petty cash fund needed replenishment, and the following are the receipts. Auto Expense $425, Supplies $95, Postage Expense $240, Repairs and Maintenance Expense $299, Miscellaneous Expense $77. The cash on hand at this time was $80. C. On June 23, the petty cash fund needed replenishment, and the following are the receipts. Auto Expense $251, Supplies $188, Postage Expense $263, Repairs and Maintenance Expense S182, Miscellaneous Expense $203. The cash on hand at this time was S93. D. On June 29, the company determined that the petty cash fund needed to be decreased to S1,000. E. On June 30, the petty cash fund needed replenishment as it was month-end. The following are the receipts: Auto Expense $114, Supplies S75, Postage Expense $50, Repairs and Maintenance Expense $121, Miscellaneous Expense $39. The cash on hand at this time was $603.
7. On May 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare journal entries for the following transactions: A. On July 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $125, Supplies $368, Postage Expense $325, Repairs and Maintenance Expense $99, Miscellaneous Expense $259. The cash on hand at this time was $38. B. On June 14, the petty cash fund needed replenishment, and the following are the receipts. Auto Expense $425, Supplies $95, Postage Expense $240, Repairs and Maintenance Expense $299, Miscellaneous Expense $77. The cash on hand at this time was $80. C. On June 23, the petty cash fund needed replenishment, and the following are the receipts. Auto Expense $251, Supplies $188, Postage Expense $263, Repairs and Maintenance Expense S182, Miscellaneous Expense $203. The cash on hand at this time was S93. D. On June 29, the company determined that the petty cash fund needed to be decreased to S1,000. E. On June 30, the petty cash fund needed replenishment as it was month-end. The following are the receipts: Auto Expense $114, Supplies S75, Postage Expense $50, Repairs and Maintenance Expense $121, Miscellaneous Expense $39. The cash on hand at this time was $603.
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 2PA: On May 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare...
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Transcribed Image Text:7. On May 2 Kellie Company has decided to initiate a petty cash fund in the amount of
$1,200. Prepare journal entries for the following transactions.
A. On July 5, the petty cash fund needed replenishment, and the following are the receipts
Auto Expense S125, Supplies $368, Postage Expense $325, Repairs and Maintenance
Expense $99, Miscellaneous Expense $259. The cash on hand at this time was $38.
B On June 14, the petty cash fund needed replenishment, and the following are the receipts.
Auto Expense $425, Supplies S95, Postage Expense $240, Repairs and Maintenance Expense
S299, Miscellaneous Expense $77. The cash on handd at this time was $80.
C. On June 23, the petty cash fund needed replenishment, and the following are the receipts.
Auto Expense S251, Supplies $188, Postage Expense $263, Repairs and Maintenance
Expense S182, Miscellaneous Expense S203. The cash on hand at this time was $93.
D. On June 29, the company determined that the petty cash fund needed to be deereased 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 S114, Supplies $75, Postage Expense $50, Repairs
and Maintenance Expense $121, Miscellaneous Expense $39. The cash on hand at this time
was $603
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