Oriole Buttons uses a petty cash imprest system. The fund was established on September 4 with a balance of $200. On September 30, there were $54 cash and the following petty cash receipts in the petty cash box: Date Receipt No. For Amount Sept. 5 1 Freight in (assume perpetual inventory system) $20 9 2 Delivery charges on outgoing freight 16 14 3 Freight in 25 16 4 Supplies 11 20 5 Delivery charges on outgoing freight 22 29 6 Freight in 39 Record the journal entry on September 4 to establish the petty cash fun
Oriole Buttons uses a petty cash imprest system. The fund was established on September 4 with a balance of $200. On September 30, there were $54 cash and the following petty cash receipts in the petty cash box: Date Receipt No. For Amount Sept. 5 1 Freight in (assume perpetual inventory system) $20 9 2 Delivery charges on outgoing freight 16 14 3 Freight in 25 16 4 Supplies 11 20 5 Delivery charges on outgoing freight 22 29 6 Freight in 39 Record the journal entry on September 4 to establish the petty cash fun
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Oriole Buttons uses a petty cash imprest system. The fund was established on September 4 with a balance of $200. On September 30, there were $54 cash and the following petty cash receipts in the petty cash box:
Date |
Receipt No. |
For |
Amount |
||||
---|---|---|---|---|---|---|---|
Sept. 5
|
1
|
Freight in (assume perpetual inventory system) | $20 | ||||
9
|
2
|
Delivery charges on outgoing freight | 16 | ||||
14
|
3
|
Freight in | 25 | ||||
16
|
4
|
Supplies | 11 | ||||
20
|
5
|
Delivery charges on outgoing freight | 22 | ||||
29
|
6
|
Freight in | 39 |
Record the
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