Prepare the journal entries for the following: On July 1, GANDA Tours issued a check against its Saving account in the Philippines Universal Bank to establish a petty cash fund, P3,000. On July 15, Replenished the fund by check drawn against the same savings account in the Philippine Universal Bank for 2,510. The following bills and receipts were on hand: Freight on cash on P650 delivery purchases Postage 500 Computer Repair 900 Snacks for client 460 p2,510 • On July 31, Replenished the fund and increased it to P4,000 by writing another checks. On this date, the fund contained P290 in currency and coins. Bills and receipts on hand were postage, P560; office supplies expense, P710; charitable contributions, P600; and freight on cash delivery purchase of merchandise P820.
Prepare the journal entries for the following: On July 1, GANDA Tours issued a check against its Saving account in the Philippines Universal Bank to establish a petty cash fund, P3,000. On July 15, Replenished the fund by check drawn against the same savings account in the Philippine Universal Bank for 2,510. The following bills and receipts were on hand: Freight on cash on P650 delivery purchases Postage 500 Computer Repair 900 Snacks for client 460 p2,510 • On July 31, Replenished the fund and increased it to P4,000 by writing another checks. On this date, the fund contained P290 in currency and coins. Bills and receipts on hand were postage, P560; office supplies expense, P710; charitable contributions, P600; and freight on cash delivery purchase of merchandise P820.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Petty Cash Fund
Prepare the journal entries for the following:
On July 1, GANDA Tours issued a check against its Saving account in the Philippines Universal Bank
to establish a petty cash fund, P3,000.
On July 15, Replenished the fund by check drawn against the same savings account in the Philippine
Universal Bank for 2,510. The following bills and receipts were on hand:
Freight on cash on
P650
delivery purchases
Postage
500
Computer Repair
900
Snacks for client
460
P2,510
On July 31, Replenished the fund and increased it to P4,000 by writing another checks. On this date,
the fund contained P290 in currency and- coins. Bills and receipts on hand were postage, P560; office
supplies expense, P710; charitable contributions, P600; and freight on cash delivery purchase of
merchandise, P820.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4da1da97-1d4e-49c7-9e59-7560d64aa714%2Fc68c4ed2-a3ef-4514-a199-b81bf5c5661f%2Fpvvr28d_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Petty Cash Fund
Prepare the journal entries for the following:
On July 1, GANDA Tours issued a check against its Saving account in the Philippines Universal Bank
to establish a petty cash fund, P3,000.
On July 15, Replenished the fund by check drawn against the same savings account in the Philippine
Universal Bank for 2,510. The following bills and receipts were on hand:
Freight on cash on
P650
delivery purchases
Postage
500
Computer Repair
900
Snacks for client
460
P2,510
On July 31, Replenished the fund and increased it to P4,000 by writing another checks. On this date,
the fund contained P290 in currency and- coins. Bills and receipts on hand were postage, P560; office
supplies expense, P710; charitable contributions, P600; and freight on cash delivery purchase of
merchandise, P820.
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