QUESTION 18 On October 1, 2017, Foster Company established a petty cash fund by

Question

QUESTION 18 On October 1, 2017, Foster Company established a petty cash fund by issuing a check for $150. On October 31, 2015, the following paid petty cash receipts were submitted for replenishment of the petty cash fund when there is $7 in the fund: Freight-In Office Supplies Expense 35 Entertainment of Clients 60 Postage Expense Prepare the journal entry required to establish the petty cash fund on October 1 in the spaces provided below $25 20 Click Save and Submit to save and submit. Click Save All Answers to save all answers Save All Answers

Explanation / Answer

Debit Credit Oct-01 Petty cash   $150        cash $150 (to record a petty cash fund) Oct-31 Freight in $25 Office suppliers expenses $35 Entertainment of clients $60 Postage expenses $20 Cash over and short $3      Cash $143 ( to record expenses for the month of October and to replenish the petty cash fund )

Related Questions

Navigate

• Browse (All)
• Browse Q
• Subjects

---