Johnston Construction created a petty cash fund on July 1, 2017 with an imprest balance of $400. During July, Sandy Bellamy, the fund custodian, signed the following petty cash tickets: Ticket # Item Office supplies Amount $29.42 1 2 3 4 Entertainment lunches 5 Office supplies 123.24 On July 31, prior to the replenishment, the fund contained these tickets plus $8.01. Required: Prepare journal entries to create the fund, replenish the fund, and increase the fund to $450. Postage Courier charges 19.00 72.00 147.33
Johnston Construction created a petty cash fund on July 1, 2017 with an imprest balance of $400. During July, Sandy Bellamy, the fund custodian, signed the following petty cash tickets: Ticket # Item Office supplies Amount $29.42 1 2 3 4 Entertainment lunches 5 Office supplies 123.24 On July 31, prior to the replenishment, the fund contained these tickets plus $8.01. Required: Prepare journal entries to create the fund, replenish the fund, and increase the fund to $450. Postage Courier charges 19.00 72.00 147.33
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 4EB: Record the following transactions: A. Started a petty cash fund in the amount of $1,000. B....
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