Having just completed Professor Hirt's ACNT 1303 course, Jeannette decides to set up a Petty Cash fund in the amount of $100 to be able to pay cash for/reimburse ordinary but small (in amount) business expenses. She writes a check and takes it to the bank to cash it to get change and small denominations of currency. After its third day in existence, the Petty Cash fund has dwindled in amount and has receipts for cash payments issued from it as follows: Delivery Expense $24.00 Flowers Expense $36.00 Postage Expense $10.00 Supplies Expense $15.00 She writes a check to reimburse the Petty Cash fund. After consulting with Professor Hirt, she decides to increase the amount of the fund to $200.00 and writes a check to do so.
Having just completed Professor Hirt's ACNT 1303 course, Jeannette decides to set up a Petty Cash fund in the amount of $100 to be able to pay cash for/reimburse ordinary but small (in amount) business expenses. She writes a check and takes it to the bank to cash it to get change and small denominations of currency. After its third day in existence, the Petty Cash fund has dwindled in amount and has receipts for cash payments issued from it as follows: Delivery Expense $24.00 Flowers Expense $36.00 Postage Expense $10.00 Supplies Expense $15.00 She writes a check to reimburse the Petty Cash fund. After consulting with Professor Hirt, she decides to increase the amount of the fund to $200.00 and writes a check to do so.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Having just completed Professor Hirt's ACNT 1303 course, Jeannette
decides to set up a Petty Cash fund in the amount of $100 to be able
to pay cash for/reimburse ordinary but small (in amount) business
expenses. She writes a check and takes it to the bank to cash it to
get change and small denominations of currency.
After its third day in existence, the Petty Cash fund has dwindled in
amount and has receipts for cash payments issued from it as follows:
Delivery Expense
$24.00
Flowers Expense
$36.00
Postage Expense
$10.00
Supplies Expense
$15.00
She writes a check to reimburse the Petty Cash fund.
After consulting with Professor Hirt, she decides to increase the
amount of the fund to $200.00 and writes a check to do so.
Properly record these transactions in order of occurrence, i.e.
establish, reimburse, increase, in Jeannette's General Journal.
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