None On October 1, 2016, Ellis Company establishes petty cash fund by issuing a checkfor $150 to Pat Harmon, the custodian of the petty cash fund. On October 31, 2016,Pat Harmon submitted the following paid petty cash receipts for replenishment ofthe petty cash fund when there is $12 cash in the fund:Freight-InSupplies ExpenseEntertainment of ClientsPostage ExpenseInstructions$25325524Prepare the journal entries required to establish the petty cash fund on October 1 andthe replenishment of the fund on October 31.

Petty Cash Fund :A petty cash fund is a small amount of cash kept on hand by a business or…

Answered: Instructions Prepare the journal…

Instructions Prepare the journal entries required to establish the petty cash fund on October 1 and the replenishment of the fund on October 31.

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

None

On October 1, 2016, Ellis Company establishes petty cash fund by issuing a check
for $150 to Pat Harmon, the custodian of the petty cash fund. On October 31, 2016,
Pat Harmon submitted the following paid petty cash receipts for replenishment of
the petty cash fund when there is $12 cash in the fund:
Freight-In
Supplies Expense
Entertainment of Clients
Postage Expense
Instructions
$25
32
55
24
Prepare the journal entries required to establish the petty cash fund on October 1 and
the replenishment of the fund on October 31.

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