FINANCIAL ACCOUNTING LOOSELEAF
FINANCIAL ACCOUNTING LOOSELEAF
2nd Edition
ISBN: 9781119493631
Author: Kimmel
Publisher: WILEY
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Chapter 7, Problem 7.18E
To determine

Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage, office supplies, and lunches.

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit and credit rules:

  • Debit an increase in asset account, increase in expense account, decrease in liability account, and decrease in stockholders’ equity accounts.
  • Credit decrease in asset account, increase in revenue account, increase in liability account, and increase in stockholders’ equity accounts.

To journalize: The petty cash fund transactions in the books of Company BL

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Chapter 7 Solutions

FINANCIAL ACCOUNTING LOOSELEAF

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