Cameron Co. established a $160 petty cash fund on January 1, 2023. One week later, on January 8, the fund contained $31.15 in cash and receipts for these expenditures: postage, $44.80; transportation-in, $28.80; store supplies, $34.95; and a withdrawal of $20.30 by Jim Cameron, the owner. Cameron uses the perpetual method to account for merchandise inventory. a. Prepare the journal entry to establish the fund on January 1. View transaction list View journal entry worksheet No 1 Date January 01, 2023 Petty cash Cash General Journal Debit Credit 160 160
Cameron Co. established a $160 petty cash fund on January 1, 2023. One week later, on January 8, the fund contained $31.15 in cash and receipts for these expenditures: postage, $44.80; transportation-in, $28.80; store supplies, $34.95; and a withdrawal of $20.30 by Jim Cameron, the owner. Cameron uses the perpetual method to account for merchandise inventory. a. Prepare the journal entry to establish the fund on January 1. View transaction list View journal entry worksheet No 1 Date January 01, 2023 Petty cash Cash General Journal Debit Credit 160 160
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 2PA
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