On March 1, Year 2, Jax Supply established a $350 petty cash fund. At the end...

 

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On March 1, Year 2, Jax Supply established a $350 petty cash fund. At the end of March, the petty cash fund contained: • Cash on hand Petty cash tickets for: $65.25 Office supplies o Postage o o Miscellaneous items_99.25 $95.50 94.50 Required a. Prepare the journal entry to establish the petty cash fund on March 1, Year 2. b. Prepare the journal entry on March 31 to replenish the petty cash fund. c. Assume on March 31, after replenishing the petty cash fund, Jax Supply wants to increase the petty cash fund to $400. Prepare the necessary journal entry. b. Prepare the journal entry on March 31 to replenish the petty cash fund. c. Assume on March 31, after replenishing the petty cash fund, Jax Supply wants to increase the petty cash fund to $400. Prepare the necessary journal entry. Answer format : Date Accounts Debit Credit On March 1, Year 2, Jax Supply established a $350 petty cash fund. At the end of March, the petty cash fund contained: • Cash on hand Petty cash tickets for: $65.25 Office supplies o Postage o o Miscellaneous items_99.25 $95.50 94.50 Required a. Prepare the journal entry to establish the petty cash fund on March 1, Year 2. b. Prepare the journal entry on March 31 to replenish the petty cash fund. c. Assume on March 31, after replenishing the petty cash fund, Jax Supply wants to increase the petty cash fund to $400. Prepare the necessary journal entry. b. Prepare the journal entry on March 31 to replenish the petty cash fund. c. Assume on March 31, after replenishing the petty cash fund, Jax Supply wants to increase the petty cash fund to $400. Prepare the necessary journal entry. Answer format : Date Accounts Debit Credit

Answer rating: 100% (QA)

Based on the information provided lets proceed to prepare the journal entries as required a This par... View the full answer