Suppose that on June 1, Cool Gyrations l, a disc jockey service, create a a petty cash with an impress balance of $400. During June, Ruth Mangan, fund custodian, signs the following petty cash ticket:On June 30, prior to replenishment, the fun contains these tickets plus cash of $246. The accounts affected cash payments are Office Supplies, Entertainment Expense l, and postage Expense . Data TablePetty CashTicket NumberItemAmount1Postage for package received30Office party2513Two boxes of stationery204Printer cartridges15Business dinner60PrintDone - XRequirementsan imprestEcounts affec1. On June 30, how much cash should this petty cash fund hold before it isreplenished?2. Journalize all required entries to (a) create the fund and (b) replenish it.Include explanations.3. Make the entry on May 1 to increase the fund balance to $500. Include anexplanation.PrintDoneJournalize the replenishment of the fund. (Prepare a single compound journal entry.)DateAccounts and ExplanationDebitCreditJun. 30Entertainment ExpenseOffice SuppliesPostage ExpenseCash Short and OverCashChoose from any list or enter any number in the input fields and then click Check Answer.

Petty cash: Petty cash fund is established to pay insignificant amount small expenses like office…

Suppose that on June 1, Cool Gyrations l, a disc jockey service, create a a petty cash with an impress balance of $400. During June, Ruth Mangan, fund custodian, signs the following petty cash ticket: On June 30, prior to replenishment, the fun contains these tickets plus cash of $246. The accounts affected cash payments are Office Supplies, Entertainment Expense l, and postage Expense .

Suppose that on June 1, Cool Gyrations l, a disc jockey service, create a a petty cash with an impress balance of $400. During June, Ruth Mangan, fund custodian, signs the following petty cash ticket: On June 30, prior to replenishment, the fun contains these tickets plus cash of $246. The accounts affected cash payments are Office Supplies, Entertainment Expense l, and postage Expense .

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter4: Operating Activities: Sales And Cash Receipts

Section: Chapter Questions

Problem 1.4C

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