Suppose that on June 1, Bash Gyrations, a disc jockey service, creates a pelfy cash...

50.1K

Verified Solution

Question

Accounting

image
image
Suppose that on June 1, Bash Gyrations, a disc jockey service, creates a pelfy cash fund with an imprest balance of \$500. During June, Michael Martell, fund custodi in, signs the following petty cash tickets. (Click the icon to wiew the petty cash tickets.) On June 30, prior to replenishment, the fund contains these tickets plus cash of $332. The accounts affected by petly cash payments are Office Supples, Entertainment Expense, and Postage Expense Read the reguirements Requirement 1. On June 30 , how much cash should this petty cash fund hold before it's replenished? Before replenishment. the patty cash fund should hoid cash of Requirement 2. Joumalize all required entrios to (a) create the fund and (b) replonich it. Include explanations (Rocord debits first, then, credits Select the explanation on the last line of the journal entry table.) Journalize the creation of the fund Joumalize the replenishment of the fund (Prepare a single compound journal entry) Requirement 3. Make the entry on May 1 to incroase the fund balance to 5525 . Include an explanation. Record. debits first, then, credits. Select the explanation on the last Ene of the journal entry table) Data table Requirements 1. On June 30 , how much cash should this petty cash fund hold before it is replenished? 2. Journalize all required entries to (a) create the fund and (b) replenish it. Include explanations. 3. Make the entry on May 1 to increase the fund balance to $525. Include an explanation

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