BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

Solutions

Chapter
Section
BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
1 views

Brief Exercise 4-34 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 3 1, 2019. At the end of each year, Kingery replenishes the petty cash in full. Kingery classifies all petty cash transactions as miscellaneous expense.

Required :

What entry is made to record the replenishment of the petty cash fund?

To determine

Concept Introduction:

Petty Cash Fund:

Petty cash fund the amount of money provided for day to day small expenses depending upon the level of business. All the expenses are made by paying cash; hence there is an important need to maintain control over petty cash fund.

To Prepare:

The Journal entry to record the replenishment of the Petty Cash fund.

Explanation

The Journal entry to record the replenishment of the Petty Cash fund is explained as follows:

    Kingery Inc.
    Petty Cash Fund
    Journal Entries

Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution

The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

Additional Business Solutions

Find more solutions based on key concepts

Show solutions add

Describe the three approaches to performance feedback interviews.

Foundations of Business (MindTap Course List)

What is technology governance? What is change control? How are they related?

Principles of Information Security (MindTap Course List)

What is a code of ethics and what is its intent?

Fundamentals of Information Systems

Give examples of the important role of length in everyday life.

Engineering Fundamentals: An Introduction to Engineering (MindTap Course List)

True or False? The MIN/MAX function on some DMMs can be used to check for electrical noise.

Automotive Technology: A Systems Approach (MindTap Course List)

6. How would you level DFDs?

Systems Analysis and Design (Shelly Cashman Series) (MindTap Course List)

What are some advantages and a disadvantage of OLED technology? (342)

Enhanced Discovering Computers 2017 (Shelly Cashman Series) (MindTap Course List)