Prepare the journal entry to replenish the petty cash fund ### InstructionsOn July 1, a petty cash fund was established for $100. The following vouchers were issued during July:| Date | Voucher No. | Purpose | Amount ||--------|-------------|-----------------------------------------|---------|| July 1 | 1 | Office supplies | $3.00 || 3 | 2 | Donation (Goodwill) | $15.00 || 5 | 3 | Travel expenses | $5.00 || 7 | 4 | Postage due | $2.00 || 8 | 5 | Office supplies | $4.00 || 11 | 6 | Postage due | $3.50 || 15 | 7 | Phone call | $5.00 || 21 | 8 | Travel expenses | $11.00 || 25 | 9 | Withdrawal by owner (L. Ortiz) | $20.00 || 26 | 10 | Copier repair (miscellaneous) | $18.50 |This list provides detailed information about the expenses incurred and vouchers issued from the petty cash fund during the month of July.

Petty cash is a small sum of money that can be used to pay for little expenses that don't require a…

Answered: On July 1, a petty cash fund was…

On July 1, a petty cash fund was established for $100. The following vouchers w Date Voucher No. Purpose Amount July 1 1 office supplies $ 3.00

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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Concept explainers

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.

Question

100%

Prepare the journal entry to replenish the petty cash fund

### Instructions

On July 1, a petty cash fund was established for $100. The following vouchers were issued during July:

| Date | Voucher No. | Purpose | Amount |
|--------|-------------|-----------------------------------------|---------|
| July 1 | 1 | Office supplies | $3.00 |
| 3 | 2 | Donation (Goodwill) | $15.00 |
| 5 | 3 | Travel expenses | $5.00 |
| 7 | 4 | Postage due | $2.00 |
| 8 | 5 | Office supplies | $4.00 |
| 11 | 6 | Postage due | $3.50 |
| 15 | 7 | Phone call | $5.00 |
| 21 | 8 | Travel expenses | $11.00 |
| 25 | 9 | Withdrawal by owner (L. Ortiz) | $20.00 |
| 26 | 10 | Copier repair (miscellaneous) | $18.50 |

This list provides detailed information about the expenses incurred and vouchers issued from the petty cash fund during the month of July.

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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