Waterway Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August.Aug. 1 Established the petty cash fund by writing a check payable to the petty cash custodian for $210.15 Replenished the petty cash fund by writing a check for $206.50. On this date, the fund consisted of $3.50 in cash and these petty cash receipts: freight-out $94, entertainment expense $47.00, postage expense $43.90, and miscellaneous expense $20.40.16 Increased the amount of the petty cash fund to $305 by writing a check for $95.00.31 Replenished the petty cash fund by writing a check for $289.00. On this date, the fund consisted of $16.00 in cash and these petty cash receipts: postage expense $140.40, entertainment expense $92.80, and freight-out $54.10.Journalize the petty cash transactions and post to the Petty Cash account. (b)Post to the Petty Cash account.Petty Cash (a)Journalize the petty cash transactions. (List all debit entries before credit entries. Credit account titles are automatically indentedwhen amount is entered. Do not indent manually. Round answers to 2 decimal places, eg. 52.75.)DateAccount Titles and ExplanationDebitCredit>>

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Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter10: Auditing Cash, Marketable Securities, And Complex Financial Instruments

Section: Chapter Questions

Problem 10RQSC

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Waterway Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August.

Aug. 1		Established the petty cash fund by writing a check payable to the petty cash custodian for $210.
15		Replenished the petty cash fund by writing a check for $206.50. On this date, the fund consisted of $3.50 in cash and these petty cash receipts: freight-out $94, entertainment expense $47.00, postage expense $43.90, and miscellaneous expense $20.40.
16		Increased the amount of the petty cash fund to $305 by writing a check for $95.00.
31		Replenished the petty cash fund by writing a check for $289.00. On this date, the fund consisted of $16.00 in cash and these petty cash receipts: postage expense $140.40, entertainment expense $92.80, and freight-out $54.10.

Journalize the petty cash transactions and post to the Petty Cash account.

(b)
Post to the Petty Cash account.
Petty Cash

(a)
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, eg. 52.75.)
Date
Account Titles and Explanation
Debit
Credit
>
>

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