Established a petty cash fund with a $250 balance. Mar, 1 31 The petty cash fund has $24 in cash and $235 in petty cash tickets that were issued to pay for Office Supplies ($35) and Entertainment Expense ($200). Replenished the fund and recorded the expenditures. Increased the balance of the petty cash fund to $300. Apr. 15

Established a petty cash fund with a $250 balance. Mar, 1 31 The petty cash fund has $24 in cash and $235 in petty cash tickets that were issued to pay for Office Supplies ($35) and Entertainment Expense ($200). Replenished the fund and recorded the expenditures. Increased the balance of the petty cash fund to $300. Apr. 15

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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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

Journalizing petty cash

Prepare the journal entries for the following petty cash transactions of Everly Gaming Supplies:

Established a petty cash fund with a $250 balance.
Mar, 1
31 The petty cash fund has $24 in cash and $235 in petty cash tickets
that were issued to pay for Office Supplies ($35) and Entertainment
Expense ($200). Replenished the fund and recorded the expenditures.
Increased the balance of the petty cash fund to $300.
Apr. 15

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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Accounting for Cash and cash equivalents

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