XYZ Company established a $500 petty cash fund on July 1. On July 30, the fund had $120 cash remaining and petty cash receipt for postage $140, office supplies $100, and delivery expense $150. Journal entry to establish the fund on July 1 is: O a. Cash 120 Petty cash 120 O b. Cash 500 Fund 500 C. None of the above is correct O d. Petty cash 500 Cash 500

XYZ Company established a $500 petty cash fund on July 1. On July 30, the fund had $120 cash remaining and petty cash receipt for postage $140, office supplies $100, and delivery expense $150. Journal entry to establish the fund on July 1 is: O a. Cash 120 Petty cash 120 O b. Cash 500 Fund 500 C. None of the above is correct O d. Petty cash 500 Cash 500

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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