Suppose that on November 1, City Centre Sundials opens a new showroom in Kamloops, British...
90.2K
Verified Solution
Link Copied!
Question
Accounting
Suppose that on November 1, City Centre Sundials opens a new showroom in Kamloops, British Columbia, and creates a petty cash fund with an imprest balance of $800. During November, Al Franklin, the fund custodian, signs petty cash tickets that follow.
On November 30, prior to replenishment, the fund contains these tickets plus a cash total of $410.25. The accounts affected by petty cash payments are Office Supplies Expense, Entertainment Expense, and Delivery Expense.
Requirement 1. Make the general journal entries to (a) create the fund, and (b) replenish it. Include explanations.
Requirement 2. Journalize the replenishment of the fund.
Requirement 3. Due to the risk of robbery, make the entry on December 1 to decrease the fund balance to $575. Include an explanation. Make the entry on December 1 to decrease the fund balance to $575. Include an explanation.
Petty Cash Tickets
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!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.