Sheridan Buttons uses a petty cash imprest system. The fund was established on September 4 with a balance of $210. On September 30, there were $54 cash and the following petty cash receipts in the petty cash box: Date Receipt No. For Amount Sept. 5 1 Freight in (assume perpetual inventory system) $27 9 2 Delivery expenses 12 14 3 Freight in 30 16 4 Supplies 8 20 5 Delivery expenses 20 29 6 Freight in 40 Record the journal entry on September 4 to establish the petty cash fund. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) ENG
Sheridan Buttons uses a petty cash imprest system. The fund was established on September 4 with a balance of $210. On September 30, there were $54 cash and the following petty cash receipts in the petty cash box: Date Receipt No. For Amount Sept. 5 1 Freight in (assume perpetual inventory system) $27 9 2 Delivery expenses 12 14 3 Freight in 30 16 4 Supplies 8 20 5 Delivery expenses 20 29 6 Freight in 40 Record the journal entry on September 4 to establish the petty cash fund. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) ENG
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Sheridan Buttons uses a petty cash imprest system. The fund was established on September 4 with a balance of $210. On September
30, there were $54 cash and the following petty cash receipts in the petty cash box:
Date
Receipt No.
For
Amount
Sept. 5
1
Freight in (assume perpetual inventory system)
$27
9
2
Delivery expenses
12
14
3
Freight in
30
16
4
Supplies
8
20
5
Delivery expenses
20
29
6
Freight in
40
Record the journal entry on September 4 to establish the petty cash fund. (Credit account titles are automatically indented when the
amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List
debit entry before credit entry.)
ENG
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