Sandhill Company maintains a petty cash fund for small expenditures. The following transactions occurred over...

70.2K

Verified Solution

Question

Accounting

image
image
image
Sandhill Company maintains a petty cash fund for small expenditures. The following transactions occurred over a two-month period. Feb. 1 Feb. 15 Established petty cash fund by writing a cheque on Algonquin Bank for $200.00. Replenished the petty cash fund by writing a cheque for $195.00. On this date the fund consisted of $5.00 in cash and the following petty cash receipts Freight out $82.00 72.20 Feb. 28 Postage expense Entertainment expense 36.50 Replenished the petty cash fund by writing a cheque for $152.00. At this date the fund consisted of $48.00 in cash and the following petty cash receipts: Freight out $42.40 Entertainment expense 25.00 Repairs expense Supplies 42.30 45.00 Mar. 15 Replenished the petty cash fund by writing a cheque for $187.00. On this date the fund consisted of $13.00 in cash and the following petty cash receipts. Freight out $37.50 Entertainment expense 53.40 Postage expense 33 00 Supplies 67.00 Increased the amount of the petty cash fund to $250.00 by writing a cheque for $50.00 Replenished the petty cash fund by writing a cheque for $234.00. On this date, the fund consisted of $16.00 in cash and the following petty cash receipts: Postage expense $40,00 Travel expense 75.10 Freight out 47.30 Mar 16 Mar. 31 Entertainment expense 68.70 Joumalize the petty cash transactions. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts. Record journal entries in the order presented in the problem) Date Account Titles and Explanation Debit Credit Feb. 15 Feb. 28 Mar. 15 Mar. 15 > Mar 31

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