Prepare the journal entries to record the following transactions using Imprest Fund System and Fluctuating Fund Systerm. Use yellow pad or bond paper. Submit picture of your answer. 2008 May 20 Established a petty cash fund of P15,000. June 15 The petty cash fund was not replenished. The fund contained the following: Currency and coins Supplies expense Selling expense Miscellaneous Expense 3,000 2,700 5,850 3,450 June 20 The fund was replenished. It contained the following: Currency and coins Selling expenses Supplies expenses Miscellaneous Expense 1,000 6,200 3,450 4,350 June 24 The fund was replenished and increased to P20,000. It contained the following: Currency and coins General expenses Transportation expenses Supplies expenses 3,200 4,400 3,100 4,300 June 30 The fund was replenished. It contained the following: Currency and coins Transportation expenses Supplies expenses Selling expenses 6,000 5,500 4,750 3,750 July 3 The fund was not replenished. It contained the following: 2,680 7,250 5,890 4,180 Currency and coins Transportation expenses Supplies expenses Selling expenses
Prepare the journal entries to record the following transactions using Imprest Fund System and Fluctuating Fund Systerm. Use yellow pad or bond paper. Submit picture of your answer. 2008 May 20 Established a petty cash fund of P15,000. June 15 The petty cash fund was not replenished. The fund contained the following: Currency and coins Supplies expense Selling expense Miscellaneous Expense 3,000 2,700 5,850 3,450 June 20 The fund was replenished. It contained the following: Currency and coins Selling expenses Supplies expenses Miscellaneous Expense 1,000 6,200 3,450 4,350 June 24 The fund was replenished and increased to P20,000. It contained the following: Currency and coins General expenses Transportation expenses Supplies expenses 3,200 4,400 3,100 4,300 June 30 The fund was replenished. It contained the following: Currency and coins Transportation expenses Supplies expenses Selling expenses 6,000 5,500 4,750 3,750 July 3 The fund was not replenished. It contained the following: 2,680 7,250 5,890 4,180 Currency and coins Transportation expenses Supplies expenses Selling expenses
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 2PB: On July 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare...
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