A company establishes a $450 petty cash fund on August 3 to pay for minor cash expenditures. The fund is replenished at the end of each month. In addition, the company has issued credit cards for more substantial employee purchases. These credit cards are issued to authorized managers. At the end of August, the following employee purchases have been made: Petty Cash Fund Credit Cards Delivery fees $ 140 Equipment $1,300 Plumbing maintenance 77 Advertising 600 Postage 48 Supplies 490 Flowers for the office 57 $ 322 $ 2,390 Required: Record the establishment of the petty cash fund on August 3, employee expenditures related to the petty cash fund on August 31, and employee expenditures related to credit cards on August 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
A company establishes a $450 petty cash fund on August 3 to pay for minor cash expenditures. The fund is replenished at the end of each month. In addition, the company has issued credit cards for more substantial employee purchases. These credit cards are issued to authorized managers. At the end of August, the following employee purchases have been made: Petty Cash Fund Credit Cards Delivery fees $ 140 Equipment $1,300 Plumbing maintenance 77 Advertising 600 Postage 48 Supplies 490 Flowers for the office 57 $ 322 $ 2,390 Required: Record the establishment of the petty cash fund on August 3, employee expenditures related to the petty cash fund on August 31, and employee expenditures related to credit cards on August 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:A company establishes a $450 petty cash fund on August 3 to pay for minor cash
expenditures. The fund is replenished at the end of each month. In addition, the
company has issued credit cards for more substantial employee purchases. These
credit cards are issued to authorized managers. At the end of August, the following
employee purchases have been made: Petty Cash Fund Credit Cards Delivery fees $
140 Equipment $1,300 Plumbing maintenance 77 Advertising 600 Postage 48
Supplies 490 Flowers for the office 57 $ 322 $ 2,390 Required: Record the
establishment of the petty cash fund on August 3, employee expenditures related to
the petty cash fund on August 31, and employee expenditures related to credit cards
on August 31. (If no entry is required for a transaction/event, select "No Journal
Entry Required" in the first account field.)
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