Finman plc designated Jill Holland as petty cash custodian and established a petty cash fund of 200.
Question:
Finman plc designated Jill Holland as petty cash custodian and established a petty cash fund of £200. The fund is reimbursed when the cash in the fund is at £15. Petty cash receipts indicate funds were disbursed for office supplies £94 and miscellaneous expense £87. Prepare journal entries for the establishment of the fund and the reimbursement.
Step by Step Answer:
As the cash reimbursement never goes below 15 200948719 Jour...View the full answer
Intermediate Accounting IFRS
ISBN: 9781119607519
4th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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