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Kingbird Airline needs to send out one of its employees to Nunavut for three weeks to perform some repairs on some aircraft it owns. Some of the payments to be made for the supplies needed on the assignment will be paid from a petty cash fund. Kingbird issued a cheque in the amount of $800.00 to establish the fund. After a few days at the assignment, the employee returned the following receipts along with a report that the fund had $81.95 left in cash. Kingbird decided to increase the petty cash fund to $1,000.00. Receipt 1 2 3 4 5 6 7 8 Amount $25.05 42.70 34.00 72.15 333.10 92.40 45.85 66.00 Description Taxi ride from airport to job site FedEx charges for delivering plane parts Long distance telephone charges Supplies Air freight to ship parts out for overhaul Supplies Tarp to protect engine from elements Grease and oil supplies

Kingbird Airline needs to send out one of its employees to Nunavut for three weeks to perform some repairs on some aircraft it owns. Some of the payments to be made for the supplies needed on the assignment will be paid from a petty cash fund. Kingbird issued a cheque in the amount of $800.00 to establish the fund. After a few days at the assignment, the employee returned the following receipts along with a report that the fund had $81.95 left in cash. Kingbird decided to increase the petty cash fund to $1,000.00. Receipt 1 2 3 4 5 6 7 8 Amount $25.05 42.70 34.00 72.15 333.10 92.40 45.85 66.00 Description Taxi ride from airport to job site FedEx charges for delivering plane parts Long distance telephone charges Supplies Air freight to ship parts out for overhaul Supplies Tarp to protect engine from elements Grease and oil supplies

FINANCIAL ACCOUNTING
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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Prepare the journal entry to replenish the fund. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to 2 decimal places, e.g. 52.75.) Account Titles and Explanation Telephone Expense Supplies Freight Out Repairs Expense Cash Over and Short Petty Cash Debit Credit
Transcribed Image Text:Prepare the journal entry to replenish the fund. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to 2 decimal places, e.g. 52.75.) Account Titles and Explanation Telephone Expense Supplies Freight Out Repairs Expense Cash Over and Short Petty Cash Debit Credit
Kingbird Airline needs to send out one of its employees to Nunavut for three weeks to perform some repairs on some aircraft it owns. Some of the payments to be made for the supplies needed on the assignment will be paid from a petty cash fund. Kingbird issued a cheque in the amount of $800.00 to establish the fund. After a few days at the assignment, the employee returned the following receipts along with a report that the fund had $81.95 left in cash. Kingbird decided to increase the petty cash fund to $1,000.00. Receipt 1 2 3 4 5 6 7 8 Amount $25.05 42.70 34.00 72.15 333.10 92.40 45.85 66.00 Description Taxi ride from airport to job site FedEx charges for delivering plane parts Long distance telephone charges Supplies Air freight to ship parts out for overhaul Supplies Tarp to protect engine from elements Grease and oil supplies
Transcribed Image Text:Kingbird Airline needs to send out one of its employees to Nunavut for three weeks to perform some repairs on some aircraft it owns. Some of the payments to be made for the supplies needed on the assignment will be paid from a petty cash fund. Kingbird issued a cheque in the amount of $800.00 to establish the fund. After a few days at the assignment, the employee returned the following receipts along with a report that the fund had $81.95 left in cash. Kingbird decided to increase the petty cash fund to $1,000.00. Receipt 1 2 3 4 5 6 7 8 Amount $25.05 42.70 34.00 72.15 333.10 92.40 45.85 66.00 Description Taxi ride from airport to job site FedEx charges for delivering plane parts Long distance telephone charges Supplies Air freight to ship parts out for overhaul Supplies Tarp to protect engine from elements Grease and oil supplies
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