Kingbird Company designated Jill Holland as petty cash custodian and established a petty cash fund of $184. The fund is reimbursed when the cash in the fund is at $18, which it is. Petty cash receipts indicate funds were disbursed for office supplies $81 and miscellaneous expense $76. Prepare journal entries for the establishment of the fund and the reimbursement. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
Kingbird Company designated Jill Holland as petty cash custodian and established a petty cash fund of $184. The fund is reimbursed when the cash in the fund is at $18, which it is. Petty cash receipts indicate funds were disbursed for office supplies $81 and miscellaneous expense $76. Prepare journal entries for the establishment of the fund and the reimbursement. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Kingbird Company designated Jill Holland as petty cash custodian and established a petty cash fund of $184. The fund is reimbursed
when the cash in the fund is at $18, which it is. Petty cash receipts indicate funds were disbursed for office supplies $81 and
miscellaneous expense $76.
Prepare journal entries for the establishment of the fund and the reimbursement. (If no entry is required, select "No Entry" for the
account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do
not indent manually.)
Account Titles and Explanation
Petty Cash
Cash
(To record establishment of the fund.)
Supplies
Miscellaneous Expenses
Cash Over and Short
Cash
(To record reimbursement.)
Debit
184
81
76
9
Credit
184
III
166
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