Record entries in general journal form to record the following:Established a Petty Cash Fund, $100. Issued Ck. No. 587.Reimbursed the Petty Cash Fund for expenditures of $89: Store Supplies, $39; Office Supplies, $20; Miscellaneous Expense, $30. Issued Ck. No. 595.Increased the amount of the fund by an additional $75. Issued Ck. No. 597.Reimbursed the Petty Cash Fund for expenditures of $97.50: Store Supplies, $36.50; Delivery Expense, $41.00; Miscellaneous Expense, $20.00. Issued Ck. No. 599.

Petty cash: Petty cash fund is established to pay small expenses like office supplies, postage etc.…

Answered: Record entries in general journal form…

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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Record entries in general journal form to record the following:

Established a Petty Cash Fund, $100. Issued Ck. No. 587.
Reimbursed the Petty Cash Fund for expenditures of $89: Store Supplies, $39; Office Supplies, $20; Miscellaneous Expense, $30. Issued Ck. No. 595.
Increased the amount of the fund by an additional $75. Issued Ck. No. 597.
Reimbursed the Petty Cash Fund for expenditures of $97.50: Store Supplies, $36.50; Delivery Expense, $41.00; Miscellaneous Expense, $20.00. Issued Ck. No. 599.

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