don't give answer in image format Required information[The following information applies to the questions displayed below.]Fresh Foods established a petty cash fund of $250 on January 2. On January 31, the fund contained cash of$53.25 and vouchers for the following cash payments.AMaintenance expenseOffice suppliesBb. Record the events in general journal format. (If no entry is required for a transaction/event, select "No journal entryrequired" in the first account field. Round your answers to 2 decimal places.)View transaction listTransportation expenseThe three distinct accounting events affecting the petty cash fund for the period were (1) establishment of thefund, (2) reimbursements made to employees, and (3) recognition of expenses and replenishment of the fund.Assume the company uses the alternative approach to petty cash expense recognition and replenishment.$ 80.5080.6032.25Record entry for petty cash fund.Record entry for reimbursements made to employees.с Record entry for recognition of expenses andreplenishment of the fund.X>

Petty cash is the cash allocated to meet the expenses related to running of affairs of the entity on…

Required information [The following information applies to the questions displayed below.] Fresh Foods established a petty cash fund of $250 on January 2. On January 31, the fund contained cash of $53.25 and vouchers for the following cash payments. Maintenance expense Office supplies Transportation expense The three distinct accounting events affecting the petty cash fund for the period were (1) establishment of the fund, (2) reimbursements made to employees, and (3) recognition of expenses and replenishment of the fund. Assume the company uses the alternative approach to petty cash expense recognition and replenishment. $ 80.50 80.60 32.25 b. Record the events in general journal format. no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to 2 decimal places.) View transaction list A Record entry for petty cash fund. B Record entry for reimbursements made to employees. C Record entry for recognition of expenses and replenishment of the fund.

Required information [The following information applies to the questions displayed below.] Fresh Foods established a petty cash fund of $250 on January 2. On January 31, the fund contained cash of $53.25 and vouchers for the following cash payments. Maintenance expense Office supplies Transportation expense The three distinct accounting events affecting the petty cash fund for the period were (1) establishment of the fund, (2) reimbursements made to employees, and (3) recognition of expenses and replenishment of the fund. Assume the company uses the alternative approach to petty cash expense recognition and replenishment. $ 80.50 80.60 32.25 b. Record the events in general journal format. no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to 2 decimal places.) View transaction list A Record entry for petty cash fund. B Record entry for reimbursements made to employees. C Record entry for recognition of expenses and replenishment of the fund.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 1PA: On September 1, French company has decided to initiate a petty cash fund in the amount of $800....

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On May 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare journal entries for the following transactions: A. On July 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $125, Supplies $368, Postage Expense $325, Repairs and Maintenance Expense $99, Miscellaneous Expense $259. The cash on hand at this time was $38. B. On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $425, Supplies $95, Postage Expense $240, Repairs and Maintenance Expense $299, Miscellaneous Expense $77. The cash on hand at this time was $80. C. On June 23, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $251, Supplies $188, Postage Expense $263, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $93. D. On June 29, the company determined that the petty cash fund needed to be decreased to $1,000. E. On June 30, the petty cash fund needed replenishment as it was month-end. The following are the receipts: Auto Expense $114, Supplies $75, Postage Expense $50, Repairs and Maintenance Expense $121, Miscellaneous Expense $39. The cash on hand at this time was $603.
On June 1 French company has decided to initiate a petty cash fund in the amount of $800. Prepare journal entries for the following transactions: A. On June 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $37, Supplies $124, Postage Expense $270, Repairs and Maintenance Expense $168, Miscellaneous Expense $149. The cash on hand at this time was $48. B. On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $220. C. On June 23, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $251, Supplies $88, Postage Expense $63, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $20. D. On June 29, the company determined that the petty cash fund needed to be increased to $1,000. E. On June 30, the petty cash fund needed replenishment, as it was month end. The following are the receipts: Auto Expense $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $437.
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