Record the following transactions into the general journal. Be sure to include explanations. When finished upload your journal to this problem. Establish a petty cash fund of $150 on September 1 with check #1001.On September 10, the petty cash fund was replenished with check #1015 when there was $16 remaining and there were petty cash receipts for: office supplies, $30; transportation-in on inventory purchased, (company uses perpetual method) $52; and postage, $42.On September 15, the petty cash fund was increased to $175 in total with check #1020.

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

Answered: Record the following transactions into…

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 the following transactions into the general journal. Be sure to include explanations. When finished upload your journal to this problem.

Establish a petty cash fund of $150 on September 1 with check #1001.
On September 10, the petty cash fund was replenished with check #1015 when there was $16 remaining and there were petty cash receipts for: office supplies, $30; transportation-in on inventory purchased, (company uses perpetual method) $52; and postage, $42.
On September 15, the petty cash fund was increased to $175 in total with check #1020.

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