Question: I need a journal entry answer for accounting. Please help!!! T. L. Jones Trucking Services establishes a petty cash fund on April 3 for $200.

I need a journal entry answer for accounting. Please help!!!

T. L. Jones Trucking Services establishes a petty cash fund on April 3 for $200. By the end of April, the fund has a cash balance of $97. The company has also issued a credit card and authorized its office manager to make purchases. Expenditures for the month include the following items:

Utilities (credit card) $ 435
Entertainment (petty cash) 44
Stamps (petty cash) 59
Plumbing repair services (credit card) 630

Required:

  1. Record the establishment of the petty cash fund on April 3.
  2. Record credit card expenditures during the month. The credit card balance is paid in full on April 30.
  3. Record petty cash expenditures during the month.

I need a journal entry answer for accounting. Please help!!! T. L.

T. L. Jones Trucking Services establishes a petty cash fund on April 3 for $200. By the end of April, the fund has a cash balance of $97. The company has also issued a credit card and authorized its office manager to make purchases. Expenditures for the month include the following items: Utilities (credit card) Entertainment (petty cash) Stamps (petty cash) Plumbing repair services (credit card) $435 44 59 630 Required: 1. Record the establishment of the petty cash fund on April 3. 2. Record credit card expenditures during the month. The credit card balance is paid in full on April 30. 3. Record petty cash expenditures during the month. (If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account field.) View transaction list Journal entry worksheet Record the establishment of the petty cash fund on April 3. Note: Enter debits before credits Date General Journal Debit Credit April 03 Record entry Clear entry View general journal

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!