Sage Hill Airline needs to send out one of its employees to Nunavut for three weeks...

  

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Sage Hill Airline needs to send out one of its employees to Nunavut for three weeks to perform some repairs on some aircraft it owns. Some of the payments to be made for the supplies needed on the assignment will be paid from a petty cash fund. Sage Hill issued a cheque in the amount of $800.00 to establish the fund. After a few days at the assignment, the employee returned the following receipts along with a report that the fund had $78.75 left in cash. Sage Hill decided to increase the petty cash fund to $1,000.00. Receipt 1 2 3 4 5 6 7 8 Amount $25.45 43.10 34.80 71.75 334.50 92.00 45.45 64.00 Description Taxi ride from airport to job site FedEx charges for delivering plane parts Long distance telephone charges Supplies Air freight to ship parts out for overhaul Supplies Tarp to protect engine from elements Grease and oil supplies (a) Prepare the journal entry to establish the petty cash fund. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Sage Hill Airline needs to send out one of its employees to Nunavut for three weeks to perform some repairs on some aircraft it owns. Some of the payments to be made for the supplies needed on the assignment will be paid from a petty cash fund. Sage Hill issued a cheque in the amount of $800.00 to establish the fund. After a few days at the assignment, the employee returned the following receipts along with a report that the fund had $78.75 left in cash. Sage Hill decided to increase the petty cash fund to $1,000.00. Receipt 1 2 3 4 5 6 7 8 Amount $25.45 43.10 34.80 71.75 334.50 92.00 45.45 64.00 Description Taxi ride from airport to job site FedEx charges for delivering plane parts Long distance telephone charges Supplies Air freight to ship parts out for overhaul Supplies Tarp to protect engine from elements Grease and oil supplies (a) Prepare the journal entry to establish the petty cash fund. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit

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Answer Journal Entry Date Account Title and Explan... View the full answer