Prepare journal entries for the following transactions, using the accounts in the order listed:
Prepare journal entries for the following transactions, using the accounts in the order listed:
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 1PB: On June 1 French company has decided to initiate a petty cash fund in the amount of $800. Prepare...
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Question
Prepare
PLEASE NOTE: For similar accounting treatment (DR or CR), you are to record accounts in the order in which they are mentioned in the transactions.
- On June 1, Kellie Company had decided to initiate a petty cash fund in the amount of $1,200.
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DR CR - On June 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $125, Supplies $368, Postage Expense $325, Repairs and Maintenance Expense $99, Miscellaneous Expense $259. The cash on hand at this time was $38.
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DR DR DR DR DR DR or CR? CR - On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $425, Supplies $95, Postage Expense $240, Repairs and Maintenance Expense $299, Miscellaneous Expense $77. The cash on hand at this time was $80.
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DR DR DR DR DR DR or CR? CR - On June 23, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $251, Supplies $188, Postage Expense $263, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $93.
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DR DR DR DR DR DR or CR? CR - On June 29, the company determined that the petty cash fund needed to be decreased to $1,000.
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DR CR - On June 30, the petty cash fund needed replenishment as it was month-end. The following are the receipts: Auto Expense $114, Supplies $75, Postage Expense $50, Repairs and Maintenance Expense $121, Miscellaneous Expense $39. The cash on hand at this time was $603.
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DR DR DR DR DR DR or CR? CR
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