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 result 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 enterec 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 vDelivery 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 result 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 enterec 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 vDelivery Expense Entertainment Expense Miscellaneous Expense Cash July 10 v Petty Cash Cash

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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