During October, Pharoah Company experiences the following transactions in establishing a petty cash fund. Oct. 1 A petty cash fund is established with a check for $147.00 issued to the petty cash custodian. 31 A check was written to reimburse the fund and increase the fund to $197.00. A count of the petty cash fund disclosed the following items: Currency $59.00 Coins 2.11 Expenditure receipts (vouchers) : Supplies $24.69 Miscellaneous items 14.99 Postage 38.29 Freight-Out 5.39 Journalize the entries in October that pertain to the petty cash fund.

Question

Business

Marlee Warner

31 May, 15:42

During October, Pharoah Company experiences the following transactions in establishing a petty cash fund. Oct. 1 A petty cash fund is established with a check for $147.00 issued to the petty cash custodian. 31 A check was written to reimburse the fund and increase the fund to $197.00. A count of the petty cash fund disclosed the following items: Currency $59.00 Coins 2.11 Expenditure receipts (vouchers) : Supplies $24.69 Miscellaneous items 14.99 Postage 38.29 Freight-Out 5.39 Journalize the entries in October that pertain to the petty cash fund.

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Answers (1)

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Francisco · Answer 1

The entries are made as follows;

Explanation:

Oct 1. Petty Cash Dr. 147

Cash Cr. 147

Petty Cash (197-147) Dr.$50

Cash Cr.$50

Supplies Expense Dr.$24.69

Petty Cash Cr.$24.69

Miscellaneous Expense Dr.$14.99

Petty Cash Cr.$14.99

Postage Expense Dr.$14.99

Petty Cash Cr.$14.99

Freight Expense Dr.$5.39

Petty Cash Cr.$5.39