The petty cash fund of $200 for Ginther Company appeared as follows on December 31, 2014: Cash $61.60 Petty cash vouchers Freight in $27.40 Postage 45.00 Balloons for a special occasion 63.00 Instructions Briefly describe when the petty
The petty cash fund of $200 for Ginther Company appeared as follows on December 31, 2014: Cash $61.60 Petty cash vouchers Freight in $27.40 Postage 45.00 Balloons for a special occasion 63.00 Instructions Briefly describe when the petty
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 20E
Related questions
Question
The petty cash fund of $200 for Ginther Company appeared as follows on December 31, 2014:
Cash $61.60
Petty cash vouchers
Freight in $27.40
Postage 45.00
Balloons for a special occasion 63.00
Instructions
- Briefly describe when the petty cash fund should be replenished. Because there is cash on hand, is there a need to replenish the fund at year end on December 31? Explain. (2 marks)
- Prepare in general journal form the entry to replenish the fund. (3 marks)
- On December 31, the office manager gives instructions to increase the petty cash fund by $50. Make the appropriate
journal entry . (2 marks)
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