7. On May 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare journal entries for the following transactions: A. On July 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $125, Supplies $368, Postage Expense $325, Repairs and Maintenance Expense $99, Miscellaneous Expense $259. The cash on hand at this time was $38. B. On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $425, Supplies $95, Postage Expense $240, Repairs and Maintenance Expense $299, Miscellaneous Expense $77. The cash on hand at this time was $80. C. On June 23, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $251, Supplies $188, Postage Expense $263, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $93. D. On June 29, the company determined that the petty cash fund needed to be decreased to $1,000. E. On June 30, the petty cash fund needed replenishment as it was month-end. The following are the receipts: Auto Expense $114, Supplies $75, Postage Expense $50, Repairs and Maintenance Expense $121, Miscellaneous Expense $39. The cash on hand at this time was $603.
7. On May 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare journal entries for the following transactions: A. On July 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $125, Supplies $368, Postage Expense $325, Repairs and Maintenance Expense $99, Miscellaneous Expense $259. The cash on hand at this time was $38. B. On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $425, Supplies $95, Postage Expense $240, Repairs and Maintenance Expense $299, Miscellaneous Expense $77. The cash on hand at this time was $80. C. On June 23, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $251, Supplies $188, Postage Expense $263, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $93. D. On June 29, the company determined that the petty cash fund needed to be decreased to $1,000. E. On June 30, the petty cash fund needed replenishment as it was month-end. The following are the receipts: Auto Expense $114, Supplies $75, Postage Expense $50, Repairs and Maintenance Expense $121, Miscellaneous Expense $39. The cash on hand at this time was $603.
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 2PA: On May 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare...
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Transcribed Image Text:7. On May 2 Kellie Company has decided to initiate a petty cash fund in the amount of
$1,200. Prepare journal entries for the following transactions:
A. On July 5, the petty cash fund needed replenishment, and the following are the
receipts: Auto Expense $125, Supplies $368, Postage Expense $325, Repairs and
Maintenance Expense $99, Miscellaneous Expense $259. The cash on hand at this time
was $38.
B. On June 14, the petty cash fund needed replenishment, and the following are the
receipts: Auto Expense $425, Supplies $95, Postage Expense $240, Repairs and
Maintenance Expense $299, Miscellaneous Expense $77. The cash on hand at this time
was $80.
C. On June 23, the petty cash fund needed replenishment, and the following are the
receipts: Auto Expense $251, Supplies $188, Postage Expense $263, Repairs and
Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this tim
was $93.
D. On June 29, the company determined that the petty cash fund needed to be decreased
to $1,000.
E. On June 30, the petty cash fund needed replenishment as it was month-end. The
following are the receipts: Auto Expense $114, Supplies $75, Postage Expense $50,
Repairs and Maintenance Expense $121, Miscellaneous Expense $39. The cash on hand at
this time was $603.
||
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