Corbett Corp. set up a $500 petty cash fund on October 1, 2022. They replenish the petty cash fund at the end of each month using an imprest system. (Students: I went over what an imprest system is in the “Petty Cash” outside video). On October 31, the following is noted: Meal receipts total $200 Transportation receipts total $75 $240 of petty cash remains in the fund on October 31. The October 31 entry to replenish the petty cash fund back to a $300 balance should include a:
Corbett Corp. set up a $500 petty cash fund on October 1, 2022. They replenish the petty cash fund at the end of each month using an imprest system. (Students: I went over what an imprest system is in the “Petty Cash” outside video). On October 31, the following is noted: Meal receipts total $200 Transportation receipts total $75 $240 of petty cash remains in the fund on October 31. The October 31 entry to replenish the petty cash fund back to a $300 balance should include a:
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 7E
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Corbett Corp. set up a $500 petty cash fund on October 1, 2022. They replenish the petty cash fund at the end of each month using an imprest system. (Students: I went over what an imprest system is in the “Petty Cash” outside video).
On October 31, the following is noted:
- Meal receipts total $200
- Transportation receipts total $75
- $240 of petty cash remains in the fund on October 31.
The October 31 entry to replenish the petty cash fund back to a $300 balance should include a:
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