Question: Can someone please help Question Two Covid Co. recently established a petty cash fund. The following transactions affecting the fund occurred during October: Oct 1

Can someone please help

Can someone please help Question Two Covid Co. recently established a petty

Question Two Covid Co. recently established a petty cash fund. The following transactions affecting the fund occurred during October: Oct 1 Established a $250 petty cash md. 5 Paid $55 to replenish ofce supplies 8 Gave $45 to company controller for business lunch with a customer 18 Paid $30 for postage 20 Paid $65 delivery charges on merchandise purchased for sale 25 Paid $50 for janitorial services 28 When sorting the receipts to replenish, the petty cash custodian noted that there was $245 in receipts and $10 in cash. Additionally, a decision was made to reduce the fund to $200. Prepare the journal entry to establish the fund, reimburse the fund and reduce its size at the end of the month

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!