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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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Fatima Company uses a petty cash system. The fund was established on March 1 with a balance of $300. During March the following petty cash receipts were found in the petty cash box. $84 Stamp Inventory Freight-Out Miscellaneous Expense 72 62 Travel Expense 59 The fund was replenished on March 20 when the fund contained $25 in cash. Journalize the entries to establish the fund on March 1 and to replenish the fund on March 20
Transcribed Image Text:Fatima Company uses a petty cash system. The fund was established on March 1 with a balance of $300. During March the following petty cash receipts were found in the petty cash box. $84 Stamp Inventory Freight-Out Miscellaneous Expense 72 62 Travel Expense 59 The fund was replenished on March 20 when the fund contained $25 in cash. Journalize the entries to establish the fund on March 1 and to replenish the fund on March 20
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