a. On March 1, journalize the following transaction: Check is issued to establish a petty cash fund of $1,050. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do no for journal explanations. Every line on a joumal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 2 b. On April 1, journalize the following transaction: The amount of cash in the petty cash fund is now $106. Check is issued to replenish the fund, based on the following summary of petty cash receipts: offic supplies, $603; miscellaneous selling expense, $183; miscellaneous administrative expense, $136. If the amount of the check to replenish the fund plus the balance in the fund do not equal $1,050, recora discrepancy in the cash short and over account. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal p used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

a. On March 1, journalize the following transaction: Check is issued to establish a petty cash fund of $1,050. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do no for journal explanations. Every line on a joumal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 2 b. On April 1, journalize the following transaction: The amount of cash in the petty cash fund is now $106. Check is issued to replenish the fund, based on the following summary of petty cash receipts: offic supplies, $603; miscellaneous selling expense, $183; miscellaneous administrative expense, $136. If the amount of the check to replenish the fund plus the balance in the fund do not equal $1,050, recora discrepancy in the cash short and over account. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal p used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

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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