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Required: Prepare journal entries to record the transactions under imprest fund system and fluctuating fund system.

Required: Prepare journal entries to record the transactions under imprest fund system and fluctuating fund system.

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
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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Problem 1-7 (IAA) Laborious Company closed the accounts on June 30. The entity provided the following transactions: May 2 The entity established an imprest fund of P10,000. 29 The fund is replenished. The petty cash items include: Currency and coin Postage Supplies Transportation Miscellaneous expense 2,000 1,000 3,000 2,500 1,500 June 30 The fund was not replenished. The fund is composed of the following: Currency and coin Supplies Postage Transportation 6,000 2,000 1,000 1,000 July 15 The fund is replenished and increased to P15,000. Currency and coin Supplies Postage Transportation Miscellaneous expense 3,000 3,500 1,500 1,500 500 Required: Prepare journal entries to record the transactions under imprest fund system and fluctuating fund system.
Transcribed Image Text:Problem 1-7 (IAA) Laborious Company closed the accounts on June 30. The entity provided the following transactions: May 2 The entity established an imprest fund of P10,000. 29 The fund is replenished. The petty cash items include: Currency and coin Postage Supplies Transportation Miscellaneous expense 2,000 1,000 3,000 2,500 1,500 June 30 The fund was not replenished. The fund is composed of the following: Currency and coin Supplies Postage Transportation 6,000 2,000 1,000 1,000 July 15 The fund is replenished and increased to P15,000. Currency and coin Supplies Postage Transportation Miscellaneous expense 3,000 3,500 1,500 1,500 500 Required: Prepare journal entries to record the transactions under imprest fund system and fluctuating fund system.
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