Prepare the journal entries for the following petty cash transactions of Allen Coffee Shop
Sept. 10 Established a petty cash fund with a $300 balance.
Sept
30 The petty cash fund has $105 in cash and $200 in petty cash tickets there were issued to pay for Delivery Expense ($115 ) and Postage Expense ($85 ). Replenished the fund and recorded the expenditures.
Oct. 15 Decreased the balance of the petty cash fund to $250.
What will be an ideal response
Sept. 10 Petty Cash 300
Cash 300
Sept. 30 Delivery Expense 115
Postage Expense 85
Cash Short & Over 5
Cash 195
Oct. 15 Cash 50
Petty Cash 50
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Which pair of statements is BEST?
A) Cost-plus contracts are prone to budget overruns while turnkey contracts are typically underbid by the contractor. B) Cost-plus contracts are prone to a budget surplus while turnkey contracts are typically underbid by the contractor. C) Cost-plus contracts are prone to a budget surplus while turnkey contracts are typically overbid by the contractor. D) Cost-plus contracts are prone to budget overruns while turnkey contracts are typically overbid by the contractor.
All of the following are examples of political risk for a U.S. company investing in a foreign country
EXCEPT A) the problem of blocked funds. B) substantial changes in foreign country tax laws. C) government requirements that ownership must be limited to U.S. citizens. D) expropriation of plant and equipment.