Sheridan Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August. Aug. 1 (a) 15 16 31 Established the petty cash fund by writing a check payable to the petty cash custodian for $220. Replenished the petty cash fund by writing a check for $216.60. On this date, the fund consisted of $3.40 in cash and these petty cash receipts: freight-out $92, entertainment expense $46.50, postage expense $43.50, and miscellaneous expense $33.40. Increased the amount of the petty cash fund to $320 by writing a check for $100.00. Replenished the petty cash fund by writing a check for $303.60. On this date, the fund consisted of $16.40 in cash and these petty cash receipts: postage expense $138.40, entertainment expense $94.60, and freight-out $69.40. Journalize the petty cash transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 52.75.) Date Account Titles and Explanation Debit Credit

Sheridan Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August. Aug. 1 (a) 15 16 31 Established the petty cash fund by writing a check payable to the petty cash custodian for $220. Replenished the petty cash fund by writing a check for $216.60. On this date, the fund consisted of $3.40 in cash and these petty cash receipts: freight-out $92, entertainment expense $46.50, postage expense $43.50, and miscellaneous expense $33.40. Increased the amount of the petty cash fund to $320 by writing a check for $100.00. Replenished the petty cash fund by writing a check for $303.60. On this date, the fund consisted of $16.40 in cash and these petty cash receipts: postage expense $138.40, entertainment expense $94.60, and freight-out $69.40. Journalize the petty cash transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 52.75.) Date Account Titles and Explanation Debit Credit

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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