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 AmountSept. 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 fund.

Journal is the book of original entry in which all the transactions of the business are recorded…

Answered: Oriole Buttons uses a petty cash…

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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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 fund.

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