Ivanhoe Ltd. designated Alexa Kidd as petty cash custodian and established a petty cash fund of...

Transcribed Image Text:

Ivanhoe Ltd. designated Alexa Kidd as petty cash custodian and established a petty cash fund of $400. The fund was reimbursed when the cash in the fund was at $65. Petty cash receipts show that funds were disbursed for $160 of supplies and $174 of freight charges on inventory purchases. Prepare the entries needed to record the following independent transactions. (a) Your answer is partially correct. Assume that Ivanhoe decides to increase the size of the petty cash fund to $590 immediately after the reimbursement. (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 O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Petty Cash Debit Credit Cash Ivanhoe Ltd. designated Alexa Kidd as petty cash custodian and established a petty cash fund of $400. The fund was reimbursed when the cash in the fund was at $65. Petty cash receipts show that funds were disbursed for $160 of supplies and $174 of freight charges on inventory purchases. Prepare the entries needed to record the following independent transactions. (a) Your answer is partially correct. Assume that Ivanhoe decides to increase the size of the petty cash fund to $590 immediately after the reimbursement. (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 O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Petty Cash Debit Credit Cash

Answer rating: 100% (QA)

The journal entry is given below Acc... View the full answer