**Petty Cash Fund Transactions**Granger Sales has initiated several transactions related to its petty cash fund to assist in managing minor expenses. Here’s an overview of the journalizing process for each of these transactions:**a. Establishment of Petty Cash Fund**- **Date:** April 2 - **Action:** Granger Sales established a petty cash fund amounting to $350 to ease the accounting process.**Journal Entry:** - Debit the Petty Cash account. - Credit the Cash account.**b. Replenishment of Petty Cash Fund**- **Date:** April 10 - **Transactions:** The petty cash fund reported expenses of $65 for mail and postage, $39 for contributions and donations, and $97 for meals and entertainment. Currently, the petty cash on hand is $147. **Journal Entry:** - Record each expense categorized appropriately (Mail and Postage, Contributions and Donations, Meals and Entertainment). - Debit each of these expense accounts accordingly for their respective amounts. - Credit the Petty Cash account for the total expense amount. - Record any discrepancy as a Cash Short and Over account entry if needed.**c. Increase of Petty Cash Fund**- **Date:** April 11 - **Action:** Granger Sales increased the petty cash fund to $460.**Journal Entry:** - Debit the Petty Cash account with the increase amount needed. - Credit the Cash account for the corresponding amount.These entries help ensure that the petty cash fund is accurately reflected in the company’s financial records, allowing for better management of small, miscellaneous expenditures.

On April 2, Granger Sales decides to establish a $350 petty cash fund to relieve the burden on Accounting. a. Journalize the establishment of the fund. If an amount box does not require an entry, leave it blank. April 2 b. On April 10, the petty cash fund has receipts for mail and postage of $65, contributions and donations of $39, and meals and entertainment of $97. Petty cash on hand is $147. Journalize the replenishment of the fund. Record any missing funds in the cash short and over account. If an amount box does not require an entry, leave it blank. April 10 c. On April 11, Granger Sales decides to increase petty cash to $460. Journalize this event. If an amount box does not require an entry, leave it blank. April 11

On April 2, Granger Sales decides to establish a $350 petty cash fund to relieve the burden on Accounting. a. Journalize the establishment of the fund. If an amount box does not require an entry, leave it blank. April 2 b. On April 10, the petty cash fund has receipts for mail and postage of $65, contributions and donations of $39, and meals and entertainment of $97. Petty cash on hand is $147. Journalize the replenishment of the fund. Record any missing funds in the cash short and over account. If an amount box does not require an entry, leave it blank. April 10 c. On April 11, Granger Sales decides to increase petty cash to $460. Journalize this event. If an amount box does not require an entry, leave it blank. April 11

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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On April 2, Granger Sales decides to establish a $280 petty cash fund to relieve the burden on Accounting. a. Journalize the establishment of the fund. Apг. 2
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