Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. exercise 7-8 petty cash fund l04 dallas repairs co

Exercise 7-8 Petty cash fund L04 Dallas Repairs completed the following petty cash transactions during...

80.2K

Verified Solution

Question

Accounting

image
Exercise 7-8 Petty cash fund L04 Dallas Repairs completed the following petty cash transactions during July 2020: July 5 6 12 14 18 Prepared a $250 cheque, cashed it and turned the proceeds and the petty cash box over to Elliott Grace, the petty cash custodian. Paid $18.00 courier fees. Purchased file folders, $12.50. Reimbursed Dara Bains, the manager of the business, $34.26 for office supplies purchased. Purchased paper for printer, $42.15. Purchased stamps, $23.00 Reimbursed Dara Bains $64.80 for business car expenses. Elliott Grace sorted the petty cash receipts by accounts affected and exchanged them for a cheque to reimburse the fund for expenditures. However, there was $51.04 in cash in the fund. R Pur 30 31 Required 1. Prepare a general journal entry to record establishing the petty cash fund. 2. Prepare a summary of petty cash payments similar to Exhibit 7.2 that has these categories: delivery expense, auto expense, postage expense, merchandise inventory, and office supplies. 3. Prepare the general journal entry to record the reimbursement of the fund

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Mechanical Engineering
1.2K views

In an interview, you were asked to prepare a short essay to elaborate the integration process...

Biology
1.2K views

what is the common name for this

Statistics
1.2K views

Listed in the accompanying table are numbers of hospital admissions in one region due to...

Calculus
1.2K views

10 Compute the integral xe x dx

Algebra
1.2K views

5 Are the vectors v 1 0 1 v 0 2 0 and v 1...

Algebra
1.2K views

To measure the area of a quadrangle, two students decided to walk along two sides...

Algebra
1.2K views

Simplity 2 135 For 2 3 you may type 2sqrt 3 Or click in answer...

Accounting
1.2K views

The following table summarizes the beginning and ending inventories of Decatur Manufacturing Inc. for...

Accounting
1.2K views

pls help will thumbs up During this year,...

Accounting
1.2K views

help please? Cullumber Company sells 297 units of its products for...

Accounting
1.2K views

Old MathJax webview Old MathJax webview ...

Accounting
1.2K views

422 Q3. In your words, discuss why some fixed assets require alms to be paid...