On September 1, 2020, Walls Company establishes a petty cash fund by issuing a check for $100 to Andrew Liu, the custodian of the petty cash fund. On September 19, 2020, Andrew Liu submitted the following paid petty cash vouchers: Freight-In Supplies Expense Entertainment of Clients $22 $13 $37 $19 Postage Expense The fund was replenished on September 19, 2020 when there is $7 cash in the fund and the company decided to raise the fund to $150. Prepare the journal entries required to establish the petty cash fund on September 1 and the replenishment of the fund on September 19.
On September 1, 2020, Walls Company establishes a petty cash fund by issuing a check for $100 to Andrew Liu, the custodian of the petty cash fund. On September 19, 2020, Andrew Liu submitted the following paid petty cash vouchers: Freight-In Supplies Expense Entertainment of Clients $22 $13 $37 $19 Postage Expense The fund was replenished on September 19, 2020 when there is $7 cash in the fund and the company decided to raise the fund to $150. Prepare the journal entries required to establish the petty cash fund on September 1 and the replenishment of the fund on September 19.
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 4EA: Record the following transactions: A. Started a petty cash fund in the amount of $500. B....
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