Loucks Company established a $330 petty cash fund on October 2, 2024. The fund is replenished at the end of each month. At the end of October 2024, the fund contained $89 in cash and the following receipts: Office supplies $ 102 Advertising 74 Postage 33 Miscellaneous 32 Required: Prepare the necessary general journal entries to establish the petty cash fund on October 2 and to replenish the fund on October 31. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Loucks Company established a $330 petty cash fund on October 2, 2024. The fund is replenished at the end of each month. At the end of October 2024, the fund contained $89 in cash and the following receipts: Office supplies $ 102 Advertising 74 Postage 33 Miscellaneous 32 Required: Prepare the necessary general journal entries to establish the petty cash fund on October 2 and to replenish the fund on October 31. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Loucks Company established a $330 petty cash fund on October 2, 2024. The fund is replenished at the end of each month. At the end of October 2024, the fund contained $89 in cash and the following receipts:
| Office supplies | $ 102 |
|---|---|
| Advertising | 74 |
| Postage | 33 |
| Miscellaneous | 32 |
Required:
Prepare the necessary general journal entries to establish the petty cash fund on October 2 and to replenish the fund on October 31.
Note: If no entry is required for a transaction/event, select "No
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