QUESTION 7 P8.3A P8.3A (LO 2) Kael Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August. Journalize and post petty cash fund transactions. Aug. 1 Established the petty cash fund by writing a check payable to the petty cash custodian for $200. 15 Replenished the petty cash fund by writing a check for $175. On this date, the fund consisted of $25 in cash and these petty cash receipts: freight-out $74.40, entertainment expense $36, postage expense $33.70, and miscellaneous expense $27.50. 16 Increased the amount of the petty cash fund to $400 by writing a check for $200. Replenished the petty cash fund by writing a check for $283. On this date, the fund consisted of $117 in cash and these petty cash receipts: postage expense $145, entertainment expense $90.60, and freight-out $46.40. 31 Instructions a. Journalize the petty cash transactions. b. Post to the Petty Cash account. c. What internal control features exist in a petty cash fund?

QUESTION 7 P8.3A P8.3A (LO 2) Kael Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August. Journalize and post petty cash fund transactions. Aug. 1 Established the petty cash fund by writing a check payable to the petty cash custodian for $200. 15 Replenished the petty cash fund by writing a check for $175. On this date, the fund consisted of $25 in cash and these petty cash receipts: freight-out $74.40, entertainment expense $36, postage expense $33.70, and miscellaneous expense $27.50. 16 Increased the amount of the petty cash fund to $400 by writing a check for $200. Replenished the petty cash fund by writing a check for $283. On this date, the fund consisted of $117 in cash and these petty cash receipts: postage expense $145, entertainment expense $90.60, and freight-out $46.40. 31 Instructions a. Journalize the petty cash transactions. b. Post to the Petty Cash account. c. What internal control features exist in a 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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