Nash, inc. decided to establish a petty cash fand to help ensure internal control over its small cash expenditures The following information is available for the month of April 1 2 3 On April 1, it established a petty cash fund in the amount of $235. A summary of the petty cash expenditures made by the po petty cash was $6, is as follows Delivery charges paid on merchandise purchased $71 Supplies purchased and used 36 Postage expense IOU from employees Miscellaneous expense The company uses a periodic inventory system The petty cash fund balance was increased $111 to $346 on April 20 Date April 1 Prepare the journal entries to record transactions related to petty cash for the month of April (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 List all debit entries before credit entries. Record journal entries in the order presented in the problem) April 10 Apr 20 Account Titles and Explanation 28 47 Once Supplies Expense s custod Prity Cain sof April 10 when the balance in Debit

Nash, inc. decided to establish a petty cash fand to help ensure internal control over its small cash expenditures The following information is available for the month of April 1 2 3 On April 1, it established a petty cash fund in the amount of $235. A summary of the petty cash expenditures made by the po petty cash was $6, is as follows Delivery charges paid on merchandise purchased $71 Supplies purchased and used 36 Postage expense IOU from employees Miscellaneous expense The company uses a periodic inventory system The petty cash fund balance was increased $111 to $346 on April 20 Date April 1 Prepare the journal entries to record transactions related to petty cash for the month of April (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 List all debit entries before credit entries. Record journal entries in the order presented in the problem) April 10 Apr 20 Account Titles and Explanation 28 47 Once Supplies Expense s custod Prity Cain sof April 10 when the balance in Debit

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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