Required information Problem 6-24A (Static) Petty cash fund LO 6-4 [The following information applies to the questions displayed below.] Austin Company established a petty cash fund by issuing a check for $300 and appointing Steve Mack as petty cash custodian. Mack had vouchers for the following petty cash payments during the month. Stamps Miscellaneous items Employee supper money Taxi fare Window-washing service $ 62 20 70 50 75 There was $21 of currency in the petty cash box at the time it was replenished. The four distinct accounting events affecting the petty cash fund for the period were (1) establishment of the fund, (2) reimbursements made to employees, (3) recognition of expenses, and (4) replenishment of the fund. Assume the company uses a traditional approach to petty cash expense recognition and replenishment. Problem 6-24A (Static) Part a Required Prepare all general journal entries necessary to (1) establish the fund, (2) reimburse employees, (3) recognize the expenses and eplenish the fund. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list

Century 21 Accounting Multicolumn Journal
11th Edition
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Author:Gilbertson
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Chapter5: Cash Control Systems
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Required information.
Problem 6-24A (Static) Petty cash fund LO 6-4
[The following information applies to the questions displayed below.]
Austin Company established a petty cash fund by issuing a check for $300 and appointing Steve Mack as petty cash
custodian. Mack had vouchers for the following petty cash payments during the month.
Stamps
Miscellaneous items
Employee supper money
Taxi fare
Window-washing service
$ 62
20
70
50
75
There was $21 of currency in the petty cash box at the time it was replenished.
The four distinct accounting events affecting the petty cash fund for the period were (1) establishment of the fund, (2)
reimbursements made to employees, (3) recognition of expenses, and (4) replenishment of the fund. Assume the
company uses a traditional approach to petty cash expense recognition and replenishment.
Problem 6-24A (Static) Part a
Required
a. Prepare all general journal entries necessary to (1) establish the fund, (2) reimburse employees, (3) recognize the expenses and
replenish the fund. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
View transaction list
Journal entry worksheet
Transcribed Image Text:Required information. Problem 6-24A (Static) Petty cash fund LO 6-4 [The following information applies to the questions displayed below.] Austin Company established a petty cash fund by issuing a check for $300 and appointing Steve Mack as petty cash custodian. Mack had vouchers for the following petty cash payments during the month. Stamps Miscellaneous items Employee supper money Taxi fare Window-washing service $ 62 20 70 50 75 There was $21 of currency in the petty cash box at the time it was replenished. The four distinct accounting events affecting the petty cash fund for the period were (1) establishment of the fund, (2) reimbursements made to employees, (3) recognition of expenses, and (4) replenishment of the fund. Assume the company uses a traditional approach to petty cash expense recognition and replenishment. Problem 6-24A (Static) Part a Required a. Prepare all general journal entries necessary to (1) establish the fund, (2) reimburse employees, (3) recognize the expenses and replenish the fund. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet
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