Halle's Berry Farm establishes a $400 petty cash fund on September 4 to pay for minor cash expenditures. The fund is replenished at the end of each month. At the end of September, the fund contains $310 in cash. The company has also issued a credit card and authorized its office manager to make purchases. Expenditures for the month include the following items: $ 90 120 Entertainment for office party (petty cash) Lawn maintenance (credit card) Postage (credit card) Fuel for deliveries (credit card) 75 85 Required: 1. Record the establishment of the petty cash fund on September 4 2. Record credit card expenditures during the month. The credit card balance is not yet paid. 3. Record petty cash expenditures during the month. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Halle's Berry Farm establishes a $400 petty cash fund on September 4 to pay for minor cash expenditures. The fund is replenished at the end of each month. At the end of September, the fund contains $310 in cash. The company has also issued a credit card and authorized its office manager to make purchases. Expenditures for the month include the following items: $ 90 120 Entertainment for office party (petty cash) Lawn maintenance (credit card) Postage (credit card) Fuel for deliveries (credit card) 75 85 Required: 1. Record the establishment of the petty cash fund on September 4 2. Record credit card expenditures during the month. The credit card balance is not yet paid. 3. Record petty cash expenditures during the month. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Halle's Berry Farm establishes a $400 petty cash fund on September 4 to pay for minor cash expenditures. The fund is replenished at
the end of each month. At the end of September, the fund contains $310 in cash. The company has also issued a credit card and
authorized its office manager to make purchases. Expenditures for the month include the following items:
$ 90
120
Entertainment for office party (petty cash)
Lawn maintenance (credit card)
Postage (credit card)
Fuel for deliveries (credit card)
75
85
Required:
1. Record the establishment of the petty cash fund on September 4
2. Record credit card expenditures during the month. The credit card balance is not yet paid.
3. Record petty cash expenditures during the month.
(If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8aeb4c9c-8d33-4b47-954d-a4d3ce02aa40%2Fd9336478-6901-4fa0-8180-7966d1d3ca8c%2Fujts7c.png&w=3840&q=75)
Transcribed Image Text:Halle's Berry Farm establishes a $400 petty cash fund on September 4 to pay for minor cash expenditures. The fund is replenished at
the end of each month. At the end of September, the fund contains $310 in cash. The company has also issued a credit card and
authorized its office manager to make purchases. Expenditures for the month include the following items:
$ 90
120
Entertainment for office party (petty cash)
Lawn maintenance (credit card)
Postage (credit card)
Fuel for deliveries (credit card)
75
85
Required:
1. Record the establishment of the petty cash fund on September 4
2. Record credit card expenditures during the month. The credit card balance is not yet paid.
3. Record petty cash expenditures during the month.
(If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
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