FA On March 1, Year 2, Jax Supply established a $350 petty cash fund. At the end of March, the petty cash fund contained: • Cash on hand • Petty cash tickets for: o Postage $65.25 Date $95.50 94.50 Office supplies Miscellaneous items_99.25 Required a. Prepare the journal entry to establish the petty cash fund on March 1, Year 2. b. Prepare the journal entry on March 31 to replenish the petty cash fund. Answer format: c. Assume on March 31, after replenishing the petty cash fund, Jax Supply wants to increase the petty cash fund to $400. Prepare the necessary journal entry. Accounts Debit Credit
FA On March 1, Year 2, Jax Supply established a $350 petty cash fund. At the end of March, the petty cash fund contained: • Cash on hand • Petty cash tickets for: o Postage $65.25 Date $95.50 94.50 Office supplies Miscellaneous items_99.25 Required a. Prepare the journal entry to establish the petty cash fund on March 1, Year 2. b. Prepare the journal entry on March 31 to replenish the petty cash fund. Answer format: c. Assume on March 31, after replenishing the petty cash fund, Jax Supply wants to increase the petty cash fund to $400. Prepare the necessary journal entry. Accounts Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
6
Transcribed Image Text:On March 1, Year 2, Jax Supply established a $350 petty cash fund. At the end of
March, the petty cash fund contained:
• Cash on hand
• Petty cash tickets for:
$65.25
o Postage
o Office supplies
o Miscellaneous items_99.25
Answer format :
Date
Required
a. Prepare the journal entry to establish the petty cash fund on March 1, Year 2.
b. Prepare the journal entry on March 31 to replenish the petty cash fund.
c. Assume on March 31, after replenishing the petty cash fund, Jax Supply wants
to increase the petty cash fund to $400. Prepare the necessary journal entry.
$95.50
94.50
Accounts
Debit
Credit
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