3. Fortune Company was established petty cash as an internal control on January 1, with a $250 balance. On January 16, Betty Miller replenished the petty cash by writing a check for $100. The petty cash fund used for the following transaction: $12 was spent on office supplies $23 on food expense $71 on delivery charged On January 20, Fortune Company increased the amount of petty cash fund for $75. Prepare the journal entries for the petty cash transactions.

3. Fortune Company was established petty cash as an internal control on January 1, with a $250 balance. On January 16, Betty Miller replenished the petty cash by writing a check for $100. The petty cash fund used for the following transaction: $12 was spent on office supplies $23 on food expense $71 on delivery charged On January 20, Fortune Company increased the amount of petty cash fund for $75. Prepare the journal entries for the petty cash transactions.

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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