Johnston Construction created a petty cash fund on July 1, 2017 with an imprestbalance of $400. During July, Sandy Bellamy, the fund custodian, signed thefollowing petty cash tickets:Ticket # ItemOffice suppliesAmount$29.4219.002Postage3Courier charges4Entertainment lunches5123.24Office suppliesOn July 31, prior to the replenishment, the fund contained these tickets plus $8.01.Required: Prepare journal entries to create the fund, replenish the fund, andincrease the fund to $450.72.00147.33

The petty cash fund is a current asset for the business. It is established by business to maintain…

Johnston Construction created a petty cash fund on July 1, 2017 with an imprest balance of $400. During July, Sandy Bellamy, the fund custodian, signed the following petty cash tickets: Ticket # Item Office supplies Amount $29.42 1 2 3 4 Entertainment lunches 5 Office supplies 123.24 On July 31, prior to the replenishment, the fund contained these tickets plus $8.01. Required: Prepare journal entries to create the fund, replenish the fund, and increase the fund to $450. Postage Courier charges 19.00 72.00 147.33

Johnston Construction created a petty cash fund on July 1, 2017 with an imprest balance of $400. During July, Sandy Bellamy, the fund custodian, signed the following petty cash tickets: Ticket # Item Office supplies Amount $29.42 1 2 3 4 Entertainment lunches 5 Office supplies 123.24 On July 31, prior to the replenishment, the fund contained these tickets plus $8.01. Required: Prepare journal entries to create the fund, replenish the fund, and increase the fund to $450. Postage Courier charges 19.00 72.00 147.33

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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answer in text form please (without image), Note: .Every entry should have narration please
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On November 2, 2018, Sur Resort established a petty cash fund of RO 750. On November 31, 2018, the amount remaining in the fund was RO 80. It had the following data: Postage Expense RO 150 Freight-In 340 Entertainment of clients 228 Supplies Expense 160 The journal entry to replenish the account would include: Select one: O a. None of the answers are correct. O b. debit to Petty Cash for RO 750. O cebit to Cash Over and Short for RO 8. O d. credit to Cash for RO 52. O e. credit to Cash Over and Short for RO 8.
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