IT IS REQUESTED: Present corresponding accounting entries as of August 8, 2006.
On August 1, 2022, "Ferretería El Clavo" decided to establish a fixed cash fund in amount of $20,000, hoping that this amount would be sufficient to cover minor expenses during a week of normal operations.
For management of these funds, Mrs. Rosa Rosales was made responsible, and on August 8 she presented an accounting for expenses of first week of operations, details of which are as follows:
STATEMENT OF ACCOUNTS NO. 1 FOR THE PERIOD FROM AUGUST, 01 TO AUGUST 06, 2006
Total Received $ 20,000
MINUS: Gasoline purchase guides $ 6,850
Postag from Mails $ 1,650
Transportation, Junior $ 3,200
Purchase of Coffee and soft drinks, as per Supermarket receipt $ 6,900
Total expenses $ 18,600
Fund balance $ 1,400
Together with rendering of accounts, Mrs. Rosales requested that fund be increased to amount of $ 50,000, which Administration and Finance Manager accepted, writing a check for amount of $ 48,600.
IT IS REQUESTED: Present corresponding accounting entries as of August 8, 2006.
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