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anted to 1. On February 1, Fixit Car Repair decided to establish a petty cash fund. The company small expenses which may arise when repairing cars. With $25,000 in its cash account, the company decided to write a check for $450 to establish a petty cash fund. Throughout the week, the business used $50 to buy new oil cans, $42 to buy antifreeze and $110 to buy mini tire pressure gauges. On February 8, the company decided to write a check to replenish the petty cash fund. Post the journal entry for setting up the petty cash fund. Post the journal entry to repleni the petty cash fund. Remember to account for the purchases for the week. Post to the general ledger. Feb 1 Feb 8 Date Date Debit Debit Debit Petty Cash Cash Supplies Account Name Petty Cash Fund Petty Cash Fund Account Name Credit Credit Credit Debit Debit 25,000 24,348 Credit Credit 4

anted to 1. On February 1, Fixit Car Repair decided to establish a petty cash fund. The company small expenses which may arise when repairing cars. With $25,000 in its cash account, the company decided to write a check for $450 to establish a petty cash fund. Throughout the week, the business used $50 to buy new oil cans, $42 to buy antifreeze and $110 to buy mini tire pressure gauges. On February 8, the company decided to write a check to replenish the petty cash fund. Post the journal entry for setting up the petty cash fund. Post the journal entry to repleni the petty cash fund. Remember to account for the purchases for the week. Post to the general ledger. Feb 1 Feb 8 Date Date Debit Debit Debit Petty Cash Cash Supplies Account Name Petty Cash Fund Petty Cash Fund Account Name Credit Credit Credit Debit Debit 25,000 24,348 Credit Credit 4

FINANCIAL ACCOUNTING
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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expenses 1. On February 1, Fixit Car Repair decided to establish a petty cash fund. The company wanted to use this money for small which may arise when repairing cars. With $25,000 in its cash account, the company decided to write a check for $450 to establish a petty cash fund. Throughout the week, the business used $50 to buy new oil cans, $42 to buy antifreeze and $110 to buy mini tire pressure gauges. On February 8, the company decided to write a check to replenish the petty cash fund. Post the journal entry for setting up the petty cash fund. Post the journal entry to replenish the petty cash fund. Remember to account for the purchases for the week. Post to the general ledger. Feb 1 Feb 8 Date Date Debit Debit Debit Petty Cash Cash Supplies Account Name Petty Cash Fund Petty Cash Fund Account Name Credit Credit Credit Debit Debit 25,000 24,348 Credit Credit 450
Transcribed Image Text:expenses 1. On February 1, Fixit Car Repair decided to establish a petty cash fund. The company wanted to use this money for small which may arise when repairing cars. With $25,000 in its cash account, the company decided to write a check for $450 to establish a petty cash fund. Throughout the week, the business used $50 to buy new oil cans, $42 to buy antifreeze and $110 to buy mini tire pressure gauges. On February 8, the company decided to write a check to replenish the petty cash fund. Post the journal entry for setting up the petty cash fund. Post the journal entry to replenish the petty cash fund. Remember to account for the purchases for the week. Post to the general ledger. Feb 1 Feb 8 Date Date Debit Debit Debit Petty Cash Cash Supplies Account Name Petty Cash Fund Petty Cash Fund Account Name Credit Credit Credit Debit Debit 25,000 24,348 Credit Credit 450
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