Instructions Prepare the journal entries required to establish the petty cash fund on October 1 and the replenishment of the fund on October 31.
Instructions Prepare the journal entries required to establish the petty cash fund on October 1 and the replenishment of the fund on October 31.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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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