Petty Cash Fund Kingery Inc. maintains a balance of $3,000 in its petty cash fund for routine purchases such as supplies. During the year, Kingery's employees paid for various office supplies and food purchases for office birthdays. As a result, Kingery's petty cash account has a balance of $374 on December 31, 2013. At the end of each year, Kingery replenishes the petty cash in full. Kingery classifies all petty cash transactions as miscellaneous expense. Required: Hide Prepare a journal entry to record the replenishment of the petty cash fund.
Petty Cash Fund Kingery Inc. maintains a balance of $3,000 in its petty cash fund for routine purchases such as supplies. During the year, Kingery's employees paid for various office supplies and food purchases for office birthdays. As a result, Kingery's petty cash account has a balance of $374 on December 31, 2013. At the end of each year, Kingery replenishes the petty cash in full. Kingery classifies all petty cash transactions as miscellaneous expense. Required: Hide Prepare a journal entry to record the replenishment of the petty cash fund.
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 15RE
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Petty Cash Fund
Kingery Inc. maintains a balance of $3,000 in its petty cash fund for routine purchases such as supplies. During the year, Kingery's employees paid for various office supplies and food purchases for office birthdays. As a result, Kingery's petty cash account has a balance of $374 on December 31, 2013. At the end of each year, Kingery replenishes the petty cash in full. Kingery classifies all petty cash transactions as miscellaneous expense.
Required:
Prepare a
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