Swifty Company established a petty cash fund on May 1, cashing a check for $125. The company reimbursed the fund on June 1 and July 1 with the following results. June 1: Cash in fund $3.40. Receipts: delivery expense $30.80, postage expense $37.75, and miscellaneous expense $50.90. July 1: Cash in fund $3.00. Receipts: delivery expense $19.95, entertainment expense $47.05, and miscellaneous expense $55.00. On July 10, Swifty increased the fund from $125 to $155.00. Prepare journal entries for Swifty Company for May 1, June 1, July 1, and July 10. (Credit account titles are automatically indented when amount the problem.) entered. Do not indent manually. Round answers to 2 dec
Swifty Company established a petty cash fund on May 1, cashing a check for $125. The company reimbursed the fund on June 1 and July 1 with the following results. June 1: Cash in fund $3.40. Receipts: delivery expense $30.80, postage expense $37.75, and miscellaneous expense $50.90. July 1: Cash in fund $3.00. Receipts: delivery expense $19.95, entertainment expense $47.05, and miscellaneous expense $55.00. On July 10, Swifty increased the fund from $125 to $155.00. Prepare journal entries for Swifty Company for May 1, June 1, July 1, and July 10. (Credit account titles are automatically indented when amount the problem.) entered. Do not indent manually. Round answers to 2 dec
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Exercise 8-07
Swifty Company established a petty cash fund on May 1, cashing a check for $125. The company reimbursed the fund on June 1 and July 1 with the following results.
June 1: Cash in fund $3.40. Receipts: delivery expense $30.80, postage expense $37.75, and miscellaneous expense $50.90.
July 1: Cash in fund $3.00. Receipts: delivery expense $19.95, entertainment expense $47.05, and miscellaneous expense $55.00.
On July 10, Swifty increased the fund from $125 to $155.00.
Prepare journal entries for Swifty Company for May 1, June 1, July 1, and July 10. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 dec
the problem.)
Date
Account Titles and Explanation
Debit
Credit
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