Answered: On September 14, the petty cash fund…

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 14, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $210. What is the correct journal entry?

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Step 1

Journal entries are used to maintain track of financial transactions. To create a journal entry, you enter transaction details into your company's books. Your journal entries are decided to enter into the general ledger in the second step of the accounting cycle. Every general ledger journal entry will include the transaction date, amount, affected accts with account numbers, and a description. A reference number, including a check number, and a brief description of the transaction may also be included in the journal entry. Accounting journals are used to record business transactions, which are then posted to the general ledger.

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