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Crane Company established a petty cash fund on May 1, cashing a check for $125. The company reimbursed the fund on June 1 and July 1 with the following results. June 1: Cash in fund $3.25. Receipts: delivery expense $28.95, postage expense $37.30, and miscellaneous expense $52.55. July 1: Cash in fund $4.85. Receipts: delivery expense $18.90, entertainment expense $52.95, and miscellaneous expense $48.30. On July 10, Crane increased the fund from $125 to $155.00. Prepare journal entries for Crane Company for May 1, June 1, July 1, and July 10. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decima the problem.) Date Account Titles and Explanation Debit Credit May 1 v Petty Cash Cash June 1 v Delivery Expense Postage Expense Miscellaneous Expense Cash Over and Short Cash July 1 v Delivery Expense Entertainment Expense Miscellaneous Expense Cash July 10 v Petty Cash Cash

Crane Company established a petty cash fund on May 1, cashing a check for $125. The company reimbursed the fund on June 1 and July 1 with the following results. June 1: Cash in fund $3.25. Receipts: delivery expense $28.95, postage expense $37.30, and miscellaneous expense $52.55. July 1: Cash in fund $4.85. Receipts: delivery expense $18.90, entertainment expense $52.95, and miscellaneous expense $48.30. On July 10, Crane increased the fund from $125 to $155.00. Prepare journal entries for Crane Company for May 1, June 1, July 1, and July 10. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decima the problem.) Date Account Titles and Explanation Debit Credit May 1 v Petty Cash Cash June 1 v Delivery Expense Postage Expense Miscellaneous Expense Cash Over and Short Cash July 1 v Delivery Expense Entertainment Expense Miscellaneous Expense Cash July 10 v Petty Cash Cash

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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Exercise 8-07 Crane Company established a petty cash fund on May 1, cashing a check for $125. The company reimbursed the fund on June 1 and July 1 with the following results. June 1: Cash in fund $3.25. Receipts: delivery expense $28.95, postage expense $37.30, and miscellaneous expense $52.55. July 1: Cash in fund $4.85. Receipts: delivery expense $18.90, entertainment expense $52.95, and miscellaneous expense $48.30. On July 10, Crane increased the fund from $125 to $155.00. Prepare journal entries for Crane Company for May 1, June 1, July 1, and July 10. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decima the problem.) Date Account Titles and Explanation Debit Credit May 1 v Petty Cash Cash June 1 v Delivery Expense Postage Expense Miscellaneous Expense Cash Over and Short Cash July 1 v Delivery Expense Entertainment Expense Miscellaneous Expense Cash July 10 v Petty Cash Cash Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS
Transcribed Image Text:Exercise 8-07 Crane Company established a petty cash fund on May 1, cashing a check for $125. The company reimbursed the fund on June 1 and July 1 with the following results. June 1: Cash in fund $3.25. Receipts: delivery expense $28.95, postage expense $37.30, and miscellaneous expense $52.55. July 1: Cash in fund $4.85. Receipts: delivery expense $18.90, entertainment expense $52.95, and miscellaneous expense $48.30. On July 10, Crane increased the fund from $125 to $155.00. Prepare journal entries for Crane Company for May 1, June 1, July 1, and July 10. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decima the problem.) Date Account Titles and Explanation Debit Credit May 1 v Petty Cash Cash June 1 v Delivery Expense Postage Expense Miscellaneous Expense Cash Over and Short Cash July 1 v Delivery Expense Entertainment Expense Miscellaneous Expense Cash July 10 v Petty Cash Cash Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS
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