FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Exercise 8-07 Sunland Company established a petty cash fund on May 1, cashing a check for $110. The company reimbursed the fund on June 1 and July 1 with the following results. June 1: Cash in fund $3.45. Receipts: delivery expense $29.20, postage expense $37.75, and miscellaneous expense $37.60. July 1: Cash in fund $3.55. Receipts: delivery expense $19.80, entertainment expense $49.25, and miscellaneous expense $37.40. On July 10, Sunland increased the fund from $110 to $140.00. Prepare journal entries for Sunland Company for May 1, June 1, July 1, and July 10. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 52.75. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Llike to Show Work for this guestion: Open Show Work
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Transcribed Image Text:Exercise 8-07 Sunland Company established a petty cash fund on May 1, cashing a check for $110. The company reimbursed the fund on June 1 and July 1 with the following results. June 1: Cash in fund $3.45. Receipts: delivery expense $29.20, postage expense $37.75, and miscellaneous expense $37.60. July 1: Cash in fund $3.55. Receipts: delivery expense $19.80, entertainment expense $49.25, and miscellaneous expense $37.40. On July 10, Sunland increased the fund from $110 to $140.00. Prepare journal entries for Sunland Company for May 1, June 1, July 1, and July 10. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 52.75. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Llike to Show Work for this guestion: Open Show Work
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