Exercise 7-7 Petty cash fund LO4 Cameron Co. established a $190 petty cash fund on January 1, 2023. One week later, on January 8, the fund contained $36.85 in cash and receipts for these expenditures: postage, $53.20, transportation-in, $34.20, store supplies, $41.55, and a withdrawal of $24.20 by Jim Cameron, the owner. Cameron uses the perpetual method to account for merchandise inventory. a. Prepare the journal entry to establish the fund on January 1 View transaction list Journal entry worksheet Record the entry to establish the fund. Note: Enter debits before credits. Date January 01, 2023 General Journal Debit Credit

Exercise 7-7 Petty cash fund LO4 Cameron Co. established a $190 petty cash fund on January 1, 2023. One week later, on January 8, the fund contained $36.85 in cash and receipts for these expenditures: postage, $53.20, transportation-in, $34.20, store supplies, $41.55, and a withdrawal of $24.20 by Jim Cameron, the owner. Cameron uses the perpetual method to account for merchandise inventory. a. Prepare the journal entry to establish the fund on January 1 View transaction list Journal entry worksheet Record the entry to establish the fund. Note: Enter debits before credits. Date January 01, 2023 General Journal Debit Credit

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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