b) cash balance on July 15 was $8.CREDITDATEACCOUNT TITLESDEBITJuly 15c) cash balance on July 15 was $11.DATE ACCOUNT TITLESDEBITCREDITJuly 15%24 On July 1 AAA Company established a petty cash fund with $200. During the first15 days of July several payments totaling $192 were made for miscellaneousexpenses using the petty cash fund. On July 15 replenishment of the fund wasrequested.at ofRequired1) Prepare the necessary journal entry onJuly 1.DATEACCOUNT TITLESDEBITCREDITJuly 1$2) Prepare the necessary journal entry on July 15, in the following scenarios:a) cash balance on July 15 was $5.July 15$2$b) cash balance on July 15 was $8.DATEACCOUNT TITLESDEBITCREDITJuly 1524$

Solution: (1). Date Particulars Debit Credit July 1 Petty Cash 200 Cash 200

Answered: On July 1 AAA Company established a…

On July 1 AAA Company established a petty cash fund with $20o. During the first 15 days of July several payments totaling $192 were made for miscellaneous

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 September 29, the company determined that the petty cash fund needed to be increased to $1,000. What is the correct journal entry?
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