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Comprehensive Problem 3 Part 1: Selected transactions completed by Komett Company during its first fiscal year ended December 31, 20Y8, were as follows: 1. Joumalize the selected transactions. Assume 360 days per year. If no entry is required, select "No Entry Requiredď" from the dropdown and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Jan. 3: Issued a check to establish a petty cash fund of $4,500. Description Debit Credit Petty Cash Cash Feb. 26: Replenished the petty cash fund, based on the following summary of petty cash receipts: office supplies, $1,680; miscellaneous seling expense, $570; miscellaneous administrative expense, $880. Description Debit Credit Office Supplies Miscellaneous Selling Expense MiecellaneoUE Administratiue Exnense

Comprehensive Problem 3 Part 1: Selected transactions completed by Komett Company during its first fiscal year ended December 31, 20Y8, were as follows: 1. Joumalize the selected transactions. Assume 360 days per year. If no entry is required, select "No Entry Requiredď" from the dropdown and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Jan. 3: Issued a check to establish a petty cash fund of $4,500. Description Debit Credit Petty Cash Cash Feb. 26: Replenished the petty cash fund, based on the following summary of petty cash receipts: office supplies, $1,680; miscellaneous seling expense, $570; miscellaneous administrative expense, $880. Description Debit Credit Office Supplies Miscellaneous Selling Expense MiecellaneoUE Administratiue Exnense

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 20E
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Comprehensive Problem 3 Part 1: Selected transactions completed by Komett Company during its first fiscal year ended December 31, 20Y8, were as follows: 1. Journalize the selected transactions. Assume 360 days per year. If no entry is required, select "No Entry Required" from the dropdown and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Jan. 3: Issued a check to establish a petty cash fund of $4,500. Description Debit Credit Petty Cash Cash Feb. 26: Replenished the petty cash fund, based on the following summary of petty cash receipts: office supplies, $1,680; miscellaneous selling expense, $570; miscellaneous administrative expense, $880. Description Debit Credit Office Supplies Miscellaneous Selling Expense Miscellaneous Administrative Expense Apr. 14: Purchased $31,300 of merchandise on account, terms, n/30. The perpetual inventory system is used to account for inventory. Description Debit Credit Merchandise Inventory Accounts Payable May 13: Paid the invoice of April 14. Description Debit Credit Accounts Payable Cash May 17: Received cash from daily cash sales for $21,200. The amount indicated by the cash register was $21,240. Description Debit Credit Cash Cash Short and Over Sales June 2: Received a 60-day, 8% note for $180,000 on the Ryanair accOunt. Description Debit Credit Notes Receivable Accounts Receivable-Ryanair
Transcribed Image Text:Comprehensive Problem 3 Part 1: Selected transactions completed by Komett Company during its first fiscal year ended December 31, 20Y8, were as follows: 1. Journalize the selected transactions. Assume 360 days per year. If no entry is required, select "No Entry Required" from the dropdown and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Jan. 3: Issued a check to establish a petty cash fund of $4,500. Description Debit Credit Petty Cash Cash Feb. 26: Replenished the petty cash fund, based on the following summary of petty cash receipts: office supplies, $1,680; miscellaneous selling expense, $570; miscellaneous administrative expense, $880. Description Debit Credit Office Supplies Miscellaneous Selling Expense Miscellaneous Administrative Expense Apr. 14: Purchased $31,300 of merchandise on account, terms, n/30. The perpetual inventory system is used to account for inventory. Description Debit Credit Merchandise Inventory Accounts Payable May 13: Paid the invoice of April 14. Description Debit Credit Accounts Payable Cash May 17: Received cash from daily cash sales for $21,200. The amount indicated by the cash register was $21,240. Description Debit Credit Cash Cash Short and Over Sales June 2: Received a 60-day, 8% note for $180,000 on the Ryanair accOunt. Description Debit Credit Notes Receivable Accounts Receivable-Ryanair
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