please answer! will like LO4. What are the internal control...

90.2K

Verified Solution

Question

Accounting

please answer! will like
image
LO4. What are the internal control procedures needed for petty cash and how are petty cash transactions recorded? a) Record the journal entry to create a petty cash fund of $150. Date Accounts and Explanation Debit Credit b) Record the journal entry to replenish the petty cash fund for $60 to keep the $150 balance. Assume Petty cash was used for the following this period: Office Supplies $25: Delivery Expense $30. Date Accounts and Explanation Debit Credit

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