Question: Current Attempt in Progress Cullumber Boxes uses a petty cash imprest system. The fund was established on February 14 with a balance of $102. On
Current Attempt in Progress
Cullumber Boxes uses a petty cash imprest system. The fund was established on February 14 with a balance of $102. On February 28, there were $5 cash and the following petty cash receipts in the petty cash box:
Date Receipt No. For Amount Feb. 15 1 Supplies $10 18 2 Postage expense 7 20 3 Freight in (assume perpetual inventory system) 35 21 4 Supplies 14 22 5 Delivery expenses 18 27 6 Supplies 19
Record the journal entry on February 14 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 0 for the amounts. List debit entry before credit entry.) Record the journal entry on February 28 to replenish the 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 0 for the amounts. List all debit entries before credit entries.)
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
