In the General Journal, prepare the JE to record the following transactions: Nov
ID: 2451639 • Letter: I
Question
In the General Journal, prepare the JE to record the following transactions:
Nov 1 Establised a petty cash fund of $400
Nov 30 Replenished the fund based on the remaining cash balance and the following summary of petty cash receipts:
on Nov 30 the amount of cash in the fund was &128.34
Receipt Summary Office Supplies Ex 80.25 Inventory (freight In) 115.33 Misc Ex 78.05
Dec1 Dedided that the petty cash fund should be a total of 300.00(instead of 400.00)
Dec 31 Replenished the fund based on the remaining cash balance and the following summary of petty cash receipts:
Dec 31 the amount the cash in the fund was 135.45
Receipt Summary: Postage Ex 15.55 Shipping Ex 25.80 Misc Ex 120.95
Explanation / Answer
JOURNAL ENTRIES
IN THE BOOKS OF JE
NOV 1
BANK A/C DR. $400
TO CAPITAL A/C $400
NOV 30
BANK A/C DR. $545.29
TO CAPITAL A/C $545.29
OFFICE SUPPLIES A/C DR. $80.25
TO BANK A/C $80.25
FREIGHT INWARD A/C DR. $115.33
TO BANK A/C $115.33
GENERAL EXPENSES A/C DR. $78.05
TO BANK A/C $78.05
DEC 1
DRAWINGS A/C DR. $100
TO BANK A/C $100
DEC 31
BANK A/C DR $326.85
TO CAPITAL A/C $326.85
GENERAL EXPENSES A/C DR. $120.95
TO BANK A/C $120.95
POSTAGE CHARGES A/C DR. $15.55
TO BANK A/C $15.55
SHIPPING CHARGES A/C DR. $25.80
TO BANK A/C $25.80