On January 1, 2020, Jonas Company established a petty cash fund of $500. By March 31, 2020, when the fund was replenished, the following petty cash vouchers had been issued: January 26, postage, $48; February 16, postage, $52; February 6, airport limousine fares, $24; January 18, office supplies, $67; March 8, postage. $38; March 4, local express delivery charges on purchases, $65. There was $209 in coins and currency left in petty cash before replenishment. Required: a. Prepare the joumal entries to record the transactions relating to Jonas Company's petty cash fund for the first quarter of 2020. b. On April 1, the size of the petty cash fund was decreased to $425. What journal entry (if any) is necessary to record this action?
On January 1, 2020, Jonas Company established a petty cash fund of $500. By March 31, 2020, when the fund was replenished, the following petty cash vouchers had been issued: January 26, postage, $48; February 16, postage, $52; February 6, airport limousine fares, $24; January 18, office supplies, $67; March 8, postage. $38; March 4, local express delivery charges on purchases, $65. There was $209 in coins and currency left in petty cash before replenishment. Required: a. Prepare the joumal entries to record the transactions relating to Jonas Company's petty cash fund for the first quarter of 2020. b. On April 1, the size of the petty cash fund was decreased to $425. What journal entry (if any) is necessary to record this action?
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 1PB: On June 1 French company has decided to initiate a petty cash fund in the amount of $800. Prepare...
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![On January 1, 2020, Jonas Company established a petty cash fund of $500. By March 31, 2020, when the fund
was replenished, the following petty cash vouchers had been issued: January 26, postage, $48; February 16,
postage, $52; February 6, airport limousine fares, $24; January 18, office supplies, $67; March 8, postage. $38;
March 4, local express delivery charges on purchases, $65. There was $209 in coins and currency left in petty cash
before replenishment.
Required:
a. Prepare the joumal entries to record the transactions relating to Jonas Company's petty cash fund for the
first quarter of 2020.
b. On April 1, the size of the petty cash fund was decreased to $425. What journal entry (if any) is
necessary to record this action?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2eb334d1-eea1-4da7-9551-e02858c96b00%2F24acd29b-800e-4cca-82fa-e62475c40c58%2Fqqequu_processed.jpeg&w=3840&q=75)
Transcribed Image Text:On January 1, 2020, Jonas Company established a petty cash fund of $500. By March 31, 2020, when the fund
was replenished, the following petty cash vouchers had been issued: January 26, postage, $48; February 16,
postage, $52; February 6, airport limousine fares, $24; January 18, office supplies, $67; March 8, postage. $38;
March 4, local express delivery charges on purchases, $65. There was $209 in coins and currency left in petty cash
before replenishment.
Required:
a. Prepare the joumal entries to record the transactions relating to Jonas Company's petty cash fund for the
first quarter of 2020.
b. On April 1, the size of the petty cash fund was decreased to $425. What journal entry (if any) is
necessary to record this action?
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