On October 1, 2024, Splish Brothers Company establishes a petty cash fund by issuing a cheque for $275 to Charles Wood, the custodian of the petty cash fund. On October 31, 2024, Charles Wood submitted the following paid petty cash receipts for replenishment of the petty cash fund when there is $22 cash in the fund: Freight in Supplies expense Entertainment of clients Postage $35 99 74 38 Prepare the journal entries required to establish the petty cash fund on October 1 and the replenishment of the fund on October 31. The company uses a perpetual inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries efore credit entries. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
On October 1, 2024, Splish Brothers Company establishes a petty cash fund by issuing a cheque for $275 to Charles Wood, the custodian of the petty cash fund. On October 31, 2024, Charles Wood submitted the following paid petty cash receipts for replenishment of the petty cash fund when there is $22 cash in the fund: Freight in Supplies expense Entertainment of clients Postage $35 99 74 38 Prepare the journal entries required to establish the petty cash fund on October 1 and the replenishment of the fund on October 31. The company uses a perpetual inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries efore credit entries. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
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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