T. L. Jones Trucking Services establishes a petty cash fund on April 2 for $500. By the end of April, the fund has a cash balance of $399. The company has also issued a credit card and authorized its office manager to make purchases. Expenditures for the month include the following items: Utilities (credit card) Entertainment (petty cash) $134 43 Plumbing repair services (credit card) 58 229 Stamps (petty cash)
T. L. Jones Trucking Services establishes a petty cash fund on April 2 for $500. By the end of April, the fund has a cash balance of $399. The company has also issued a credit card and authorized its office manager to make purchases. Expenditures for the month include the following items: Utilities (credit card) Entertainment (petty cash) $134 43 Plumbing repair services (credit card) 58 229 Stamps (petty cash)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:T. L. Jones Trucking Services establishes a petty cash fund on April 2 for $500. By the end of April, the fund has a cash balance of
$399. The company has also issued a credit card and authorized its office manager to make purchases. Expenditures for the month
include the following items:
Utilities (credit card)
Entertainment (petty cash)
Stamps (petty cash)
Plumbing repair services (credit card)
Required:
$134
43
58
229
1. Record the establishment of the petty cash fund on April 2.
2. Record credit card expenditures during the month. The credit card balance will not be paid until the following month.
3. Record petty cash expenditures during the month.
4. Record the replenishment of the petty cash fund on April 30th back up to the original amount established on April 2.
(If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
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