1. On September 1, 2020, Walls Company establishes a petty cash fund by issuing a checkfor $100 to Andrew Liu, the custodian of the petty cash fund. On September 19, 2020,Andrew Liu submitted the following paid petty cash vouchers:Freight-In$22$13$37$19Supplies ExpenseEntertainment of ClientsPostage ExpenseThe fund was replenished on September 19, 2020 when there is $7 cash in the fund andthe company decided to raise the fund to $150.Prepare the journal entries required to establish the petty cash fund on September 1and the replenishment of the fund on September 19.

On September 1, 2020, Walls Company establishes a petty cash fund by issuing a check for $100 to Andrew Liu, the custodian of the petty cash fund. On September 19, 2020, Andrew Liu submitted the following paid petty cash vouchers: Freight-In Supplies Expense Entertainment of Clients $22 $13 $37 $19 Postage Expense The fund was replenished on September 19, 2020 when there is $7 cash in the fund and the company decided to raise the fund to $150. Prepare the journal entries required to establish the petty cash fund on September 1 and the replenishment of the fund on September 19.

On September 1, 2020, Walls Company establishes a petty cash fund by issuing a check for $100 to Andrew Liu, the custodian of the petty cash fund. On September 19, 2020, Andrew Liu submitted the following paid petty cash vouchers: Freight-In Supplies Expense Entertainment of Clients $22 $13 $37 $19 Postage Expense The fund was replenished on September 19, 2020 when there is $7 cash in the fund and the company decided to raise the fund to $150. Prepare the journal entries required to establish the petty cash fund on September 1 and the replenishment of the fund on September 19.

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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