Crane Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August. Aug. 1 Established the petty cash fund by writing a check payable to the petty cash custodian for $226.00. 15 Replenished the petty cash fund by writing a check for $188.00. On this date, the fund consisted of $38.00 in cash and these petty cash receipts: freight-out $61.40, entertainment expense $23.00, postage expense $20.70 and miscellaneous expense $79.70. 16 Increased the amount of the petty cash fund to $426.00 by writing a check for $200.00. 31 Replenished the petty cash fund by writing a check for $296.00. On this date, the fund consisted of $130.00 in cash and these petty cash receipts: postage expense $132.00, entertainment expense $129.60, and freight-out $33.40. Journalize the petty cash transactions. (Round answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit choose a transaction date Aug. 1Aug. 15Aug. 16Aug. 31 enter an account title enter a debit amount rounded to 2 decimal places enter a credit amount rounded to 2 decimal places enter an account title enter a debit amount rounded to 2 decimal places enter a credit amount rounded to 2 decimal places Aug. 15 enter an account title for the journal entry on August 15 enter a debit amount rounded to 2 decimal places enter a credit amount rounded to 2 decimal places enter an account title for the journal entry on August 15 enter a debit amount rounded to 2 decimal places enter a credit amount rounded to 2 decimal places enter an account title for the journal entry on August 15 enter a debit amount rounded to 2 decimal places enter a credit amount rounded to 2 decimal places enter an account title for the journal entry on august 15 enter a debit amount rounded to 2 decimal places enter a credit amount rounded to 2 decimal places enter an account title for the journal entry on August 15 enter a debit amount rounded to 2 decimal places enter a credit amount rounded to 2 decimal places enter an account title for the journal entry on august 15 enter a debit amount rounded to 2 decimal places enter a credit amount rounded to 2 decimal places choose a transaction date Aug. 1Aug. 15Aug. 16Aug. 31 enter an account title enter a debit amount rounded to 2 decimal places enter a credit amount rounded to 2 decimal places enter an account title enter a debit amount rounded to 2 decimal places enter a credit amount rounded to 2 decimal places Aug. 31 enter an account title for the journal entry on August 31 enter a debit amount rounded to 2 decimal places enter a credit amount rounded to 2 decimal places enter an account title for the journal entry on August 31 enter a debit amount rounded to 2 decimal places enter a credit amount rounded to 2 decimal places enter an account title for the journal entry on august 31 enter a debit amount rounded to 2 decimal places enter a credit amount rounded to 2 decimal places enter an account title for the journal entry on August 31 enter a debit amount rounded to 2 decimal places enter a credit amount rounded to 2 decimal places enter an account title for the journal entry on August 31 enter a debit amount rounded to 2 decimal places enter a credit amount rounded to 2 decimal places Post to the Petty Cash account. (Post entries in the order of journal entries posted in part (a).) Petty Cash choose a transaction date 8/18/168/31 Bal. enter a debit amount choose a transaction date 8/18/168/31 Bal. enter a credit amount choose a transaction date 8/18/168/31 Bal. enter a debit amount choose a transaction date 8/18/168/31 Bal. enter a credit amount choose the end date of the accounting period 8/18/168/31 Bal. enter a debit balance choose the end date of the accounting period 8/18/168/31 Bal. enter a credit balance

Crane Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August. Aug. 1 Established the petty cash fund by writing a check payable to the petty cash custodian for $226.00. 15 Replenished the petty cash fund by writing a check for $188.00. On this date, the fund consisted of $38.00 in cash and these petty cash receipts: freight-out $61.40, entertainment expense $23.00, postage expense $20.70 and miscellaneous expense $79.70. 16 Increased the amount of the petty cash fund to $426.00 by writing a check for $200.00. 31 Replenished the petty cash fund by writing a check for $296.00. On this date, the fund consisted of $130.00 in cash and these petty cash receipts: postage expense $132.00, entertainment expense $129.60, and freight-out $33.40. Journalize the petty cash transactions. (Round answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit choose a transaction date Aug. 1Aug. 15Aug. 16Aug. 31 enter an account title enter a debit amount rounded to 2 decimal places enter a credit amount rounded to 2 decimal places enter an account title enter a debit amount rounded to 2 decimal places enter a credit amount rounded to 2 decimal places Aug. 15 enter an account title for the journal entry on August 15 enter a debit amount rounded to 2 decimal places enter a credit amount rounded to 2 decimal places enter an account title for the journal entry on August 15 enter a debit amount rounded to 2 decimal places enter a credit amount rounded to 2 decimal places enter an account title for the journal entry on August 15 enter a debit amount rounded to 2 decimal places enter a credit amount rounded to 2 decimal places enter an account title for the journal entry on august 15 enter a debit amount rounded to 2 decimal places enter a credit amount rounded to 2 decimal places enter an account title for the journal entry on August 15 enter a debit amount rounded to 2 decimal places enter a credit amount rounded to 2 decimal places enter an account title for the journal entry on august 15 enter a debit amount rounded to 2 decimal places enter a credit amount rounded to 2 decimal places choose a transaction date Aug. 1Aug. 15Aug. 16Aug. 31 enter an account title enter a debit amount rounded to 2 decimal places enter a credit amount rounded to 2 decimal places enter an account title enter a debit amount rounded to 2 decimal places enter a credit amount rounded to 2 decimal places Aug. 31 enter an account title for the journal entry on August 31 enter a debit amount rounded to 2 decimal places enter a credit amount rounded to 2 decimal places enter an account title for the journal entry on August 31 enter a debit amount rounded to 2 decimal places enter a credit amount rounded to 2 decimal places enter an account title for the journal entry on august 31 enter a debit amount rounded to 2 decimal places enter a credit amount rounded to 2 decimal places enter an account title for the journal entry on August 31 enter a debit amount rounded to 2 decimal places enter a credit amount rounded to 2 decimal places enter an account title for the journal entry on August 31 enter a debit amount rounded to 2 decimal places enter a credit amount rounded to 2 decimal places Post to the Petty Cash account. (Post entries in the order of journal entries posted in part (a).) Petty Cash choose a transaction date 8/18/168/31 Bal. enter a debit amount choose a transaction date 8/18/168/31 Bal. enter a credit amount choose a transaction date 8/18/168/31 Bal. enter a debit amount choose a transaction date 8/18/168/31 Bal. enter a credit amount choose the end date of the accounting period 8/18/168/31 Bal. enter a debit balance choose the end date of the accounting period 8/18/168/31 Bal. enter a credit balance

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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Crane Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August.

Aug. 1		Established the petty cash fund by writing a check payable to the petty cash custodian for $226.00.
15		Replenished the petty cash fund by writing a check for $188.00. On this date, the fund consisted of $38.00 in cash and these petty cash receipts: freight-out $61.40, entertainment expense $23.00, postage expense $20.70 and miscellaneous expense $79.70.
16		Increased the amount of the petty cash fund to $426.00 by writing a check for $200.00.
31		Replenished the petty cash fund by writing a check for $296.00. On this date, the fund consisted of $130.00 in cash and these petty cash receipts: postage expense $132.00, entertainment expense $129.60, and freight-out $33.40.

Journalize the petty cash transactions. (Round answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
choose a transaction date Aug. 1Aug. 15Aug. 16Aug. 31	enter an account title	enter a debit amount rounded to 2 decimal places	enter a credit amount rounded to 2 decimal places
	enter an account title	enter a debit amount rounded to 2 decimal places	enter a credit amount rounded to 2 decimal places
Aug. 15	enter an account title for the journal entry on August 15	enter a debit amount rounded to 2 decimal places	enter a credit amount rounded to 2 decimal places
	enter an account title for the journal entry on August 15	enter a debit amount rounded to 2 decimal places	enter a credit amount rounded to 2 decimal places
	enter an account title for the journal entry on August 15	enter a debit amount rounded to 2 decimal places	enter a credit amount rounded to 2 decimal places
	enter an account title for the journal entry on august 15	enter a debit amount rounded to 2 decimal places	enter a credit amount rounded to 2 decimal places
	enter an account title for the journal entry on August 15	enter a debit amount rounded to 2 decimal places	enter a credit amount rounded to 2 decimal places
	enter an account title for the journal entry on august 15	enter a debit amount rounded to 2 decimal places	enter a credit amount rounded to 2 decimal places
choose a transaction date Aug. 1Aug. 15Aug. 16Aug. 31	enter an account title	enter a debit amount rounded to 2 decimal places	enter a credit amount rounded to 2 decimal places
	enter an account title	enter a debit amount rounded to 2 decimal places	enter a credit amount rounded to 2 decimal places
Aug. 31	enter an account title for the journal entry on August 31	enter a debit amount rounded to 2 decimal places	enter a credit amount rounded to 2 decimal places
	enter an account title for the journal entry on August 31	enter a debit amount rounded to 2 decimal places	enter a credit amount rounded to 2 decimal places
	enter an account title for the journal entry on august 31	enter a debit amount rounded to 2 decimal places	enter a credit amount rounded to 2 decimal places
	enter an account title for the journal entry on August 31	enter a debit amount rounded to 2 decimal places	enter a credit amount rounded to 2 decimal places
	enter an account title for the journal entry on August 31	enter a debit amount rounded to 2 decimal places	enter a credit amount rounded to 2 decimal places

Post to the Petty Cash account. (Post entries in the order of journal entries posted in part (a).)

Petty Cash
choose a transaction date 8/18/168/31 Bal.	enter a debit amount	choose a transaction date 8/18/168/31 Bal.	enter a credit amount
choose a transaction date 8/18/168/31 Bal.	enter a debit amount	choose a transaction date 8/18/168/31 Bal.	enter a credit amount
choose the end date of the accounting period 8/18/168/31 Bal.	enter a debit balance	choose the end date of the accounting period 8/18/168/31 Bal.	enter a credit balance

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