On April 2, Granger Sales decides to establish a $125.00 petty cash fund to relieve the burden on Accounting. (a) Journalize the establishment of the fund. (b) On April 10, the petty cash fund has receipts for mail and postage of $43.50, contributions and donations of $29.50, meals and entertainment of $38.25, and $13.55 in cash. Journalize the replenishment of the fund. (c) On April 11, Granger Sales decides to increase petty cash to $200.00. Journalize this event.

On April 2, Granger Sales decides to establish a $125.00 petty cash fund to relieve the burden on Accounting. (a) Journalize the establishment of the fund. (b) On April 10, the petty cash fund has receipts for mail and postage of $43.50, contributions and donations of $29.50, meals and entertainment of $38.25, and $13.55 in cash. Journalize the replenishment of the fund. (c) On April 11, Granger Sales decides to increase petty cash to $200.00. Journalize this event.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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