LaSalle Company established a petty cash fund on May 1, cashing a check for $100. The company

Question:

LaSalle Company established a petty cash fund on May 1, cashing a check for $100.
The company reimbursed the fund on June 1 and July 1 with the following results.
June 1: Cash in fund $1.75. Receipts: delivery expense $31.25; postage expense $41.00; and miscellaneous expense $25.00.
July 1: Cash in fund $3.25. Receipts: delivery expense $21.00; entertainment expense $51.00; and miscellaneous expense $24.75.
On July 10, LaSalle increased the fund from $100 to $150.

Instructions
Prepare journal entries for LaSalle Company for May 1, June 1, July 1, and July 10.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Financial and managerial accounting

ISBN: 978-1118016114

1st edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

Question Posted: