dont give answer in inage format Superior Cabinets maintains a petty cash fund for minor business expenditures. The petty cash custodian, Mo Smith,describes the events that occurred during the last two months:a. I established the fund by cashing a Superior Cabinets check for $365 made payable to me.b. Liz Clay provided a receipt for $69 for various supplies. I paid $69 cash to her.c. James Flyer provided a $89 taxi receipt, so I paid $89 cash to him.d. Ricky Ricota claimed to do photocopying for Superior Cabinets at The UPS Store for $116 but had misplaced the receipt.He gave me a signed memo explaining what happened and I paid $116 cash to him.e. On the last day of the month, I prepared a summary of expenditures and requested the fund be replenished. I receivedand cashed a Superior Cabinets check for $274, placing the cash into the locked cash box.f. James Flyer provided receipts for taxi costs ($94), so I paid $94 cash to him.g. Woo Riun provided a $166 receipt from a local delivery company for an expedited delivery to a customer. I paid her$166 cash.h. Ricky Ricota claimed to have purchased $54 of envelopes, but again he had misplaced the receipt. He showed me abig stack of envelopes and signed another memo explaining what happened, so I paid him $54 cash.1. After requesting that the fund be replenished, I received and cashed a Superior Cabinets check for $314, placing thecash into the locked cash box.J. After suggesting that the petty cash fund be increased, I received and cashed a Superior Cabinets check for $100 cash,which I placed in the locked cash box. 1. Prepare journal entries where required.TIP: Remember that petty cash journal entries are recorded only when the fund is established and reimbursed, not when eachpayment is made. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)View transaction listJournal entry worksheet32Note: Enter debits before credits.Transactiona.I established the fund by cashing a Superior Cabinets' check for $365 madepayable to me. Record the transaction.5Petty CashCash6 7 8 9 10 >General JournalDebit365Credit365

Petty cash fund is that fund which is maintained for small petty expenses in the business. Imprest…

1. Prepare journal entries where required. TIP: Remember that petty cash journal entries are recorded only when the fund is established and reimbursed, not when each payment is made. (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 I established the fund by cashing a Superior Cabinets' check for $365 made payable to me. Record the transaction. Note: Enter debits before credits. Transaction Petty Cash Cash 6 7 8 9 10 > General Journal Debit 365 Credit 365

1. Prepare journal entries where required. TIP: Remember that petty cash journal entries are recorded only when the fund is established and reimbursed, not when each payment is made. (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 I established the fund by cashing a Superior Cabinets' check for $365 made payable to me. Record the transaction. Note: Enter debits before credits. Transaction Petty Cash Cash 6 7 8 9 10 > General Journal Debit 365 Credit 365

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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