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Principles of Accounting Volume 1

19th Edition
OpenStax
Publisher: OpenStax College
ISBN: 9781947172685
FindFindarrow_forward

Principles of Accounting Volume 1

19th Edition
OpenStax
Publisher: OpenStax College
ISBN: 9781947172685
Chapter 8, Problem 2EB
Textbook Problem
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Record the following transactions:

A. Started a petty cash fund in the amount of $260.

B. Replenished petty cash fund using the following expenses: Auto $15, Office Expenses $20, Postage Expense $81, Miscellaneous Expenses $104. Cash on hand is $37.

C. Increased petty cash by $80.

To determine

Concept introduction:

Internal control:

Internal controls are policies and procedures implemented by an organization to attain operational goals and maintain the integrity of accounting. Internal control system has its five integral components those together works an effective internal control.

Petty Cash Fund:

Petty cash fund the amount of money kept to be spent on day to day small expenses. For example payment of conveyance, stationery, postage, and refreshment expenses etc.

To indicate:

The Journal entries for Petty cash fund

Explanation of Solution

The Journal entries for Petty cash fund are explained as follows:

Petty Cash Fund
Journal Entries
# Account titles Debit Credit
A Petty cash $ 260
Cash $ 260
(Being Petty cash fund established)
B Auto Expenses $ 15

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Chapter 8 Solutions

Principles of Accounting Volume 1
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