Current Attempt in Progress On October 1, 2024, Kingbird Company establishes a petty cash fund by issuing a cheque for $415 to Jason Wood, the custodian of the petty cash fund. On October 31, 2024, Jason Wood submitted the following paid petty cash receipts for replenishment of the petty cash fund when there is $52 cash in the fund: Freight in Supplies expense Entertainment of clients Postage $50 129 104 68 Prepare the journal entries required to establish the petty cash fund on October 1 and the replenishment of the fund on October 31. The company uses a perpetual inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Current Attempt in Progress On October 1, 2024, Kingbird Company establishes a petty cash fund by issuing a cheque for $415 to Jason Wood, the custodian of the petty cash fund. On October 31, 2024, Jason Wood submitted the following paid petty cash receipts for replenishment of the petty cash fund when there is $52 cash in the fund: Freight in Supplies expense Entertainment of clients Postage $50 129 104 68 Prepare the journal entries required to establish the petty cash fund on October 1 and the replenishment of the fund on October 31. The company uses a perpetual inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Haresh
Transcribed Image Text:Current Attempt in Progress
On October 1, 2024, Kingbird Company establishes a petty cash fund by issuing a cheque for $415 to Jason Wood, the custodian of
the petty cash fund. On October 31, 2024, Jason Wood submitted the following paid petty cash receipts for replenishment of the petty
cash fund when there is $52 cash in the fund:
Freight in
Supplies expense
Entertainment of clients
Postage
$50
129
Date
104
68
Prepare the journal entries required to establish the petty cash fund on October 1 and the replenishment of the fund on October 31.
The company uses a perpetual inventory system. (Credit account titles are automatically indented when the amount is entered. Do not
indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem. If no entry is required,
select "No Entry" for the account titles and enter O for the amounts.)
Account Titles
I
Debit
Credit
I
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