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

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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
Click if vou would like to Show Work for this question
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 Click if vou would like to Show Work for this question
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