The petty cash fund of Fonzarelli’s Auto Repair Service, a sole proprietorship, contains the following. 1. Coins and currency $ 15.20 2. Postage stamps 2.90 3. An I.O.U. from Richie Cunningham, an employee, for cash advance 40.00 4. Check payable to Fonzarelli"s Auto Repair from Pottsie Weber, an employee, marked NSF 34.00 5. Vouchers for the following: Stamps $ 20.00 Two Rose Bowl tickets for Nick Fonzarelli 170.00 Printer cartridge 14.35 204.35 $296.45 The general ledger account Petty Cash has a balance of $300. Instructions Prepare the journal entry to record the reimbursement of the petty cash fund.
The petty cash fund of Fonzarelli’s Auto Repair Service, a sole proprietorship, contains the following. 1. Coins and currency $ 15.20 2. Postage stamps 2.90 3. An I.O.U. from Richie Cunningham, an employee, for cash advance 40.00 4. Check payable to Fonzarelli"s Auto Repair from Pottsie Weber, an employee, marked NSF 34.00 5. Vouchers for the following: Stamps $ 20.00 Two Rose Bowl tickets for Nick Fonzarelli 170.00 Printer cartridge 14.35 204.35 $296.45 The general ledger account Petty Cash has a balance of $300. Instructions Prepare the journal entry to record the reimbursement of the petty cash fund.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
The petty cash fund of Fonzarelli’s Auto Repair Service, a sole proprietorship, contains the following.
| 1. Coins and currency | $ 15.20 | |||
| 2. Postage stamps | 2.90 | |||
| 3. An I.O.U. from Richie Cunningham, an employee, for cash advance |
40.00 | |||
| 4. Check payable to Fonzarelli"s Auto Repair from Pottsie Weber, an employee, marked NSF |
34.00 | |||
| 5. Vouchers for the following: | ||||
| Stamps | $ 20.00 | |||
| Two Rose Bowl tickets for Nick Fonzarelli | 170.00 | |||
| Printer cartridge | 14.35 | 204.35 | ||
| $296.45 |
The general ledger account Petty Cash has a balance of $300.
Instructions
Prepare the
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education