Mary Billong Company established a petty cash fund on May 1, cashing a check for
ID: 2548513 • Letter: M
Question
Mary Billong Company established a petty cash fund on May 1, cashing a check for 5200. The company reimbursed the fund on June 1 and July 1 with the following results. June 1: Cash in fund $13.00. Receipts: delivery expense $69.30; postage expense $75.50; and miscellaneous expense $40.40. July 1: Cash in fund $11.50. Receipts: delivery expense $43.00; entertainment expense $98.50; and miscellaneous expense $47.00. On July 10, Mary Billong decreased the fund from $200 to $150. Prepare journal entries for Mary Billong Company for May 1, June 1, July 1, and July 10.Explanation / Answer
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Date Account title and explanation Debit Credit May-01 Petty cash $200.00 Cash $200.00 Jun-01 Delivery Expense $69.30 Postage Expense $75.50 Miscellaneous Expense $40.40 Cash over/short (Balance amount) $1.80 Petty Cash $187.00 Jul-01 Delivery expense $43.00 Entertainment expense $98.50 Miscellaneous expense $47.00 Petty Cash $188.50 Jul-10 Cash $50.00 Petty Cash $50.00