Theodore Bear, Inc. established a $200 petty cash account on January 2, 2009. On October 5, 2009,
Question:
Required:
(a) Record the January 1 journal entry to establish the petty cash fund.
(b) Record the October 5 journal entry to increase the amount of the petty cash fund.
(c) Record the entry to replenish petty cash on December 3.
(d) Assume that instead of $219.04, the amount of cash in the petty cash envelope was $120.75. Provide two possible situations that might cause the petty cash difference. What actions might you take to correct future instances of the two situations just discussed?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Question Posted: