record entry for petty cash found.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Record entry for recognition of expenses and replenishment of the fund, record entry for reimbursements made by employee, record entry for petty cash found.
![Required information
[The following information applies to the questions displayed below]
Fresh Foods established a petty cash fund of $275 on January 2. On January 31, the fund contained cash of $83.25 and
vouchers for the following cash payments.
Maintenance expense
$ 66.50
office supplies
Transportation expense
88.40
32.25
The three distinct accounting events affecting the petty cash fund for the period were (1) establishment of the fund, (2)
reimbursements made to employees, and (3) recognition of expenses and replenishment of the fund. Assume the
company uses the alternative approach to petty cash expense recognition and replenishment.
b. Record the events in general journal format. (If no entry is required for a transaction/event, select "No journal entry required" in
the first account field. Round your answers to 2 decimal places.)
View transaction list
es
Journal entry worksheet
B
C
Record entry for recognition of expenses and replenishment of the fund.
Note: Enter debits before credits.
Event
General Journal
Debit
Credit
aw
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Transcribed Image Text:Required information
[The following information applies to the questions displayed below]
Fresh Foods established a petty cash fund of $275 on January 2. On January 31, the fund contained cash of $83.25 and
vouchers for the following cash payments.
Maintenance expense
$ 66.50
office supplies
Transportation expense
88.40
32.25
The three distinct accounting events affecting the petty cash fund for the period were (1) establishment of the fund, (2)
reimbursements made to employees, and (3) recognition of expenses and replenishment of the fund. Assume the
company uses the alternative approach to petty cash expense recognition and replenishment.
b. Record the events in general journal format. (If no entry is required for a transaction/event, select "No journal entry required" in
the first account field. Round your answers to 2 decimal places.)
View transaction list
es
Journal entry worksheet
B
C
Record entry for recognition of expenses and replenishment of the fund.
Note: Enter debits before credits.
Event
General Journal
Debit
Credit
aw
< Prev
of 10
Next >
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