Please answer this accounting question correctly Exercise 8-07Sunland 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 presentedin the problem.)DateAccount Titles and ExplanationDebitCreditLlike to Show Work for this guestion: Open Show Work

On May 1, Debit: Petty cash & Credit Cash. On June 1, Debit: Delivery expense, Postage expense,…

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lease answer this accounting question correctly

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Please answer this accounting question correctly

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
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