AP Brooklyn Buttons uses a petty cash imprest system. The fund was established on September 4 with abalance of $200. On September 30, there were $10 cash and the following petty cash receipts in the pettycash box: Date Receipt No. For Amount Sept. 5 1 Freight in (assume perpetual inventory system) $25 92Delivery expenses 15 14 3 Freight in 30 164 Supplies 50 205 Delivery expenses 20 29 6 Freight in40 Instructions Record the journal entry on September 4 to establish the petty cash fund. Record thejournal entry on September 30 to replenish the fund.

A journal entry is the act of maintaining or producing records of any economic or non-economic…

Answered: 40 Instructions Record the journal…

40 Instructions Record the journal entry on September 4 to establish the petty cash fund. Record the journal entry on September 30 to replenish the fund.

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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Concept explainers

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.

Question

AP Brooklyn Buttons uses a petty cash imprest system. The fund was established on September 4 with a
balance of $200. On September 30, there were $10 cash and the following petty cash receipts in the petty
cash box: Date Receipt No. For Amount Sept. 5 1 Freight in (assume perpetual inventory system) $25 92
Delivery expenses 15 14 3 Freight in 30 164 Supplies 50 205 Delivery expenses 20 29 6 Freight in
40 Instructions Record the journal entry on September 4 to establish the petty cash fund. Record the
journal entry on September 30 to replenish the fund.

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