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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

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

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 Increment of the Petty Cash fund.

Explanation

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

    Canary Inc.
    Petty Cash Fund
    Journal Entries

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