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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Plz explain how the things come from.

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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