Crown Company established a petty cash fund of $600 for incidental expenditures on January 2 , 2019 At the end of the month, the count of cash on hand indicated that $58.35 remained in the fund A sorting of petty cash vouchers disclosed that the following expenses had been incurred during the month, and the fund was replenished. Postage Expense $240.40 Office Supplies Expense 170.90 Miscellaneous Expense 122.05 Required: Prepare the joumal entries necessary to record Crown's petty cash transactions during January

Crown Company established a petty cash fund of $600 for incidental expenditures on January 2 , 2019 At the end of the month, the count of cash on hand indicated that $58.35 remained in the fund A sorting of petty cash vouchers disclosed that the following expenses had been incurred during the month, and the fund was replenished. Postage Expense $240.40 Office Supplies Expense 170.90 Miscellaneous Expense 122.05 Required: Prepare the joumal entries necessary to record Crown's petty cash transactions during January

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 20E

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Concept explainers

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.

Question

eBook
Petty Cash Transactions (Appendix 6.1)
Instructions
Chart of Accounts General Journal
Instructions
Crown Company established a petty cash fund of $600 for incidental expenditures on January 2, 2019. At the end of the month, the count of cash on hand indicated that $58.35 remained in the fund.
A sorting of petty cash vouchers disclosed that the following expenses had been incurred during the month, and the fund was replenished.
Postage Expense
$240.40
Office Supplies Expense
170.90
Miscellaneous Expense
122.05
Required:
Prepare the joumal entries necessary to record Crown's petty cash transactions during January.
K Points:
8.83/ 16

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