Question: Please explain your answer. Thank you. tor employees. Learning Objective 4 E7-17 Accounting for petty cash Jackie's Dance Studio created a $220 imprest petty cash

 Please explain your answer. Thank you. tor employees. Learning Objective 4

Please explain your answer. Thank you.

tor employees. Learning Objective 4 E7-17 Accounting for petty cash Jackie's Dance Studio created a $220 imprest petty cash fund. During the month, the fund custodian authorized and signed petty cash tickets as follows: 2. Cash Short & Over $15 Amount $ 20 N- Petty Cash Ticket No. Item Account Debited Delivery of programs to customers Delivery Expense Mail package Postage Expense Newsletter Printing Expense Key to closet Miscellaneous Expense Copier paper Office Supplies 25 w u Requirements 1. Make the general journal entry to create the petty cash fund. Include an explanation. 2. Make the general journal entry to record the petty cash fund replenishment. Cash in the fund totals $40. Include an explanation. 3. Assume that Jackie's Dance Studio decides to decrease the petty cash fund to $120. Make the general journal entry to record this decrease

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!