Solved: Create journal entries for establishment of petty cash fund, Accounting Basics

+44 141 628 6080
[email protected]

Create journal entries for establishment of petty cash fund

Response to the following problem:

A Petty Cash Fund of $100 was established on October 1. At the end of the month, the following accounts were charged for expenditures from the Petty Cash Fund: Office Supplies, $13.75; Delivery Expense, $15.00; Miscellaneous Expense, $36.00; B. Thomas, Drawing, $25.00.

Record the journal entries for the establishment of the Petty Cash Fund.

Solution Preview :

Prepared by a verified Expert

Accounting Basics: Create journal entries for establishment of petty cash fund

Reference No:- TGS02127809

Now Priced at $20 (50% Discount)

Recommended (97%)

Rated (4.9/5)

Have a Question? (oR Write a Review)

Write atleast 100 words!!

Asked Questions

How much gift tax must be paid on the gifts

Mike has previously made $12 million of lifetime gifts. In the current year, he gifts $3 million to his spouse, $1 million to his son, and $500,000 to church

Problem regarding the asserted relationship

The headline of a January 31, 2005 USA Today article read, "'January Barometer' predicts a pretty lousy year." Referring to the stock market

Find materials costs and processing costs significant factor

At Dalton Enterprises, two options, identified as Plan A and Plan B, are being evaluated. The costs associated with each plan are as follows:

Which items would be deducted on their schedule m-1

Specifically, they are wondering which of the following items would be "Deducted" on their Schedule M-1?

Identify the amortization of the rou assets

For each scenarios/facts, please place a Y for either yes (True) or no (False). You may comment further/explain in space provided.

Find out the variable overhead rate variance

Alcott Industries manufactures a specialized electronic component with the following standard costs: Standard Quantity or Hours Standard Price or Rate Direct

Revenue variance for october would be closest to

The revenue variance for October would be closest to: Group of answer choices $2,640 U $2,640 F $1,224 U $1,224 F

Solution Preview :

Prepared by a verified Expert

Accounting Basics: Create journal entries for establishment of petty cash fund

Reference No:- TGS02127809

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Problem related to bank reconciliation

Q : What is the purpose of endorsing a check

Q : Journalize the entries to account for bank deposits

Q : Record journal entry for reimbursement of petty cash fund

Q : Create journal entries for establishment of petty cash fund

Q : Determine the collection charge and service charge

Q : What are real accounts

Q : Which month the revenue or expenses would be recorded

Q : Journalize entries to close remaining temporary accounts