Business, 30.03.2021 15:30 queenofspades
Based on the petty cash information, prepare (a) the journal entry to establish a petty cash fund, and (b) the journal entry to replenish the petty cash fund. If an amount box does not require an entry, leave it blank. On October 1, 20--, a check was written in the amount of $200 to establish a petty cash fund. During October, the following vouchers were written for cash taken from the petty cash drawer:
Voucher No. Account Debited Amount
1 Phone Expense $17.50
2 Automobile Expense 33.00
3 Joseph Levine, Drawing 56.00
4 Postage Expense 12.50
5 Charitable Contributions Expense 15.00
6 Miscellaneous Expense 49.00
Answers: 1
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James is an employee in the widget inspection department of xyz systems, a government contractor. james was part of a 3-person inspection team that found a particular batch of widgets did not meet the exacting requirements of the u.s. government. in order to meet the tight deadline and avoid penalties under the contract, james' boss demanded that the batch of widgets be sent in fulfillment of the government contract. when james found out, he went to the vice president of the company and reported the situation. james was demoted by his boss, and no longer works on government projects. james has a:
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Based on the petty cash information, prepare (a) the journal entry to establish a petty cash fund, a...
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