Wildhorse, Inc. decided to establish a petty cash fund to help ensure internal control over its small cash expenditures. The followinginformation is available for the month of April.1.2.3.On April 1, it established a petty cash fund in the amount of $252.A summary of the petty cash expenditures made by the petty cash custodian as of April 10, when the balance in petty cash was$11, is as follows.Delivery charges paid on merchandise purchasedSupplies purchased and usedPostage expenseL.O.U. from employeesMiscellaneous expense$7338463049The company uses a periodic inventory system.The petty cash fund balance was increased $113 to $365 on April 20 Prepare the journal entries to record transactions related to petty cash for the month of April. (If no entry is required, select "No Entry"for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered.Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem.)DateApril 1 :April 10:Account Titles and ExplanationPetty CashCashFreight-InSupplies ExpensesPostage ExpenseNotes PayableMiscellaneous ExpenseCall Over and ShortDebit25273384630Credit252

JOURNAL ENTRIES Journal Entry is the First Stage of Accounting Process. Journal Entry is the Process…

Wildhorse, Inc. decided to establish a petty cash fund to help ensure internal control over its small cash expenditures. The following information is available for the month of April. 1. 2. 3. On April 1, it established a petty cash fund in the amount of $252. A summary of the petty cash expenditures made by the petty cash custodian as of April 10, when the balance in petty cash was $11, is as follows. Delivery charges paid on merchandise purchased Supplies purchased and used Postage expense L.O.U. from employees Miscellaneous expense $73 38 46 30 49 The company uses a periodic inventory system. The petty cash fund balance was increased $113 to $365 on April 20.

Wildhorse, Inc. decided to establish a petty cash fund to help ensure internal control over its small cash expenditures. The following information is available for the month of April. 1. 2. 3. On April 1, it established a petty cash fund in the amount of $252. A summary of the petty cash expenditures made by the petty cash custodian as of April 10, when the balance in petty cash was $11, is as follows. Delivery charges paid on merchandise purchased Supplies purchased and used Postage expense L.O.U. from employees Miscellaneous expense $73 38 46 30 49 The company uses a periodic inventory system. The petty cash fund balance was increased $113 to $365 on April 20.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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