Cameron Co. established a $182 petty cash fund on January 1, 2020. One week later, on January 8, the fund contained $35.33 in cash and receipts for these expenditures: postage, $50.96; transportation-in, $3276; store supplies, $3979, and a withdrawal of $23.16 by Jim Cameron, the owner. Cameron uses the perpetual method to account for merchandise inventory. e. Prepare the journal entry to establish the fund on January 1. View transaction fist Journal entry worksheet Record the entry to establish the fund.
Cameron Co. established a $182 petty cash fund on January 1, 2020. One week later, on January 8, the fund contained $35.33 in cash and receipts for these expenditures: postage, $50.96; transportation-in, $3276; store supplies, $3979, and a withdrawal of $23.16 by Jim Cameron, the owner. Cameron uses the perpetual method to account for merchandise inventory. e. Prepare the journal entry to establish the fund on January 1. View transaction fist Journal entry worksheet Record the entry to establish the fund.
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter5: Cash Control Systems
Section: Chapter Questions
Problem 4AP
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