Zeta Co. established a petty cash fund. The following transactions occurred in January 2023: Jan. 2 Established a petty cash fund for $250. 13 The following expenditures made since Jan.2; a) taxi $29.00 b) shipping $34.00 c) minor repairs $92.00 d) miscellaneous expenses $32.00 Counted $61.00 remaining in the petty cash safe. Increased the fund to $400. The cashier reported that $118.00 remained in the fund. The following expenditures made since Jan. 13; a) advertisement $86.00 red: 13 31 b) postage $91.00 c) delivery $108 31 Decreased the fund to $300. Prepare the journal entries and post to necessary ledger accounts.
Zeta Co. established a petty cash fund. The following transactions occurred in January 2023: Jan. 2 Established a petty cash fund for $250. 13 The following expenditures made since Jan.2; a) taxi $29.00 b) shipping $34.00 c) minor repairs $92.00 d) miscellaneous expenses $32.00 Counted $61.00 remaining in the petty cash safe. Increased the fund to $400. The cashier reported that $118.00 remained in the fund. The following expenditures made since Jan. 13; a) advertisement $86.00 red: 13 31 b) postage $91.00 c) delivery $108 31 Decreased the fund to $300. Prepare the journal entries and post to necessary ledger accounts.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Q1.
Zeta Co. established a petty cash fund. The following transactions occurred in January 2023:
Jan. 2
Established a petty cash fund for $250.
13
The following expenditures made since Jan.2;
a) taxi $29.00
b) shipping $34.00
c) minor repairs $92.00
d) miscellaneous expenses $32.00
Counted $61.00 remaining in the petty cash safe.
Increased the fund to $400.
The cashier reported that $118.00 remained in the fund. The following expenditures made
since Jan. 13;
a) advertisement $86.00
b) postage $91.00
c) delivery $108
Required:
13
31
31
Decreased the fund to $300.
Prepare the journal entries and post to necessary ledger accounts.
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