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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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  1. 31 May, 19:17
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    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
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