Brief Exercise 4-35 Petty Cash With Change in Fund Balance
Canary Inc. maintains a cash fund with a balance of $1,800. During the month of September, Canary’s employees made routine using cash from the petty cash fund totaling $1,150. At the end of September, Canary replenishes the petty cash account, but it also decides to increase the fund balance to Canary classifies all petty cash transactions as miscellaneous expense.
Required:
What entry is made to record this activity?
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 Increment of the Petty Cash fund.
The Journal entry to record the Increment of the Petty Cash fund is explained as follows:
Canary Inc. | |||
Petty Cash Fund | |||
Journal Entries | |||
Corporate Financial Accounting
Accounting Information Systems
Financial & Managerial Accounting
Probability and Statistics for Engineering and the Sciences
ECON: MICRO4 (New, Engaging Titles from 4LTR Press)
Principles of Microeconomics (MindTap Course List)
Fundamentals Of Financial Management, Concise Edition (mindtap Course List)
Essentials of Business Communication (MindTap Course List)
Brief Principles of Macroeconomics (MindTap Course List)
Principles of Macroeconomics (MindTap Course List)
Principles of Economics (MindTap Course List)
Fundamentals of Financial Management, Concise Edition (MindTap Course List)
Foundations of Business (MindTap Course List)
STATISTICS F/BUSINESS+ECONOMICS-TEXT
Fundamentals of Financial Management (MindTap Course List)
Financial And Managerial Accounting
Principles of Information Security (MindTap Course List)
A Guide to SQL
Database Systems: Design, Implementation, & Management
Database Systems: Design, Implementation, & Management
Fundamentals of Information Systems
Principles of Information Systems (MindTap Course List)
Fundamentals of Information Systems
Principles of Information Systems (MindTap Course List)
Engineering Fundamentals: An Introduction to Engineering (MindTap Course List)
Automotive Technology: A Systems Approach (MindTap Course List)
Fundamentals of Geotechnical Engineering (MindTap Course List)
Mechanics of Materials (MindTap Course List)
Precision Machining Technology (MindTap Course List)
Management Of Information Security
Systems Analysis and Design (Shelly Cashman Series) (MindTap Course List)
Solid Waste Engineering
Principles of Geotechnical Engineering (MindTap Course List)
International Edition---engineering Mechanics: Statics, 4th Edition
Electric Motor Control
EBK ELECTRICAL WIRING RESIDENTIAL
Fundamentals of Chemical Engineering Thermodynamics (MindTap Course List)
Steel Design (Activate Learning with these NEW titles from Engineering!)
Automotive Technology
Enhanced Discovering Computers 2017 (Shelly Cashman Series) (MindTap Course List)
Structural Analysis
Network+ Guide to Networks (MindTap Course List)