Exercise 4-13 (Algo) Record transactions for employee purchases (LO4-6) Smith Trucking Services establishes a petty cash fund on April 3 for $500. By the end of April, the fund has a cash balance of $403. 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) Postage (petty cash) Repairs and maintenance (credit card) Required: 1. Record the establishment of the petty cash fund on April 3. 2. Record credit card expenditures during the month. The credit card balance is paid in full on April 30. 3. Record petty cash expenditures during the month. Of no entry is required for a transaction/event, select "No Journal Entry Required" In the first account field.) $132 41 56 227
Exercise 4-13 (Algo) Record transactions for employee purchases (LO4-6) Smith Trucking Services establishes a petty cash fund on April 3 for $500. By the end of April, the fund has a cash balance of $403. 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) Postage (petty cash) Repairs and maintenance (credit card) Required: 1. Record the establishment of the petty cash fund on April 3. 2. Record credit card expenditures during the month. The credit card balance is paid in full on April 30. 3. Record petty cash expenditures during the month. Of no entry is required for a transaction/event, select "No Journal Entry Required" In the first account field.) $132 41 56 227
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter4: Internal Control And Cash
Section: Chapter Questions
Problem 49E
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