Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 28 Jul 2017 My Price 14.00

Petty Cash Account

On April 3rd, Snappy Sales decides to establish a $135.00 Petty Cash Account to relieve the burden on Accounting.
(a) Journalize this event.

 

Apr 3 -Select-Petty CashCash Short and OverAccounts ReceivableSalesCashItem 1 $  
  -Select-Petty CashCash Short and OverAccounts ReceivableSalesCashItem 3   $

 

(b) On April 11th, the petty cash fund has receipts for mail and postage of $32.75, contributions and donations of $25.25, meals and entertainment of $68.00 and $9.75 in cash. Journalize the replenishment of the fund. When required, enter your answers in dollars and cents.

 

Apr 11 -Select-SalesMail and Postage ExpensePetty CashCash Short and OverCashItem 5 $  
  -Select-Petty CashAccounts PayableContributions and Donations ExpenseCash Short and OverCashItem 7 $  
  -Select-Meals and Entertainment ExpensePetty CashAccounts ReceivableCash Short and OverCashItem 9 $  
  -Select-Meals and Entertainment ExpenseMail and Postage ExpenseContributions and Donations ExpenseCash Short and OverPetty CashItem 11   $
  -Select-Meals and Entertainment ExpenseMail and Postage ExpensePetty CashCashContributions and Donations ExpenseItem 13   $

 

(c) On April 12th, Snappy Sales decides to increase petty cash to $175.00. Journalize this event.

 

Apr 12 -Select-Petty CashAccounts ReceivableSalesCash Short and OverCashItem 15 $  
  -Select-Petty CashAccounts ReceivableSalesCash Short and OverCashItem 17   $

 

Answers

(5)
Status NEW Posted 28 Jul 2017 10:07 PM My Price 14.00

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