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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

Solutions

Chapter
Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

PETTY CASH RECORD AND JOURNAL ENTRIES On May 1, a petty cash fund was established for $150. The following vouchers were issued during May:

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Required

  1. 1. Prepare the journal entry to establish the petty cash fund.
  2. 2. Record the vouchers in the petty cash record. Total and rule the petty cash record.
  3. 3. Prepare the journal entry to replenish the petty cash fund. Make the appropriate entry in the petty cash record.

1

To determine

Prepare the journal entry record the establishment of petty cash fund.

Explanation

Petty cash fund:

Petty cash fund is a fund established to pay insignificant amounts like postage, office supplies, and lunches.

DateAccount Titles and explanationPost. Ref.Debit ($)Credit ($)
May 1Petty cash 150 
   ...

2 & 3

To determine

Record the vouchers in the petty cash record and total and rules the petty cash record; Prepare journal entry to record to replenish the petty cash fund.

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