How much do you need to increase the petty cash fund to $200 on Oct 31? Should be pretty easy, but the program keeps spitting it back.
The cash line is always the credit.
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During October, Eastern Light Company experiences the following transactions in establishing a petty cash fund.
Oct. 1 A petty cash fund is established with a check for $100 issued to the petty cash custodian.
Oct. 31 A count of the petty cash fund disclosed the following items:
Currency $7.00
Coins 0.40
Expenditures receipts (vouchers):
Office supplies $26.10
Telephone, Internet, and fax 16.40
Postage 42.00
Freight-out 6.80
Oct. 31 A check was written to reimburse the fund and increase the fund to $200.
Journalize the entries in October that pertain to the petty cash fund. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2. Round all numbers to 2 decimal places, e.g. 12.25.)
Date Account/Description Debit Credit
Oct. 1 Petty cash 100
Cash 100
(To establish the petty cash account)
Oct. 31 Postage expense 42
Office supplies 26.10
Miscellaneous expense 16.40
Freight-out 6.80
Cash over and short 1.30
Cash 92.60
(To reimburse the petty cash fund.)
Oct. 31 Petty cash ??????
Cash ??????
(To increase the petty cash fund.)
The cash line is always the credit.
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During October, Eastern Light Company experiences the following transactions in establishing a petty cash fund.
Oct. 1 A petty cash fund is established with a check for $100 issued to the petty cash custodian.
Oct. 31 A count of the petty cash fund disclosed the following items:
Currency $7.00
Coins 0.40
Expenditures receipts (vouchers):
Office supplies $26.10
Telephone, Internet, and fax 16.40
Postage 42.00
Freight-out 6.80
Oct. 31 A check was written to reimburse the fund and increase the fund to $200.
Journalize the entries in October that pertain to the petty cash fund. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2. Round all numbers to 2 decimal places, e.g. 12.25.)
Date Account/Description Debit Credit
Oct. 1 Petty cash 100
Cash 100
(To establish the petty cash account)
Oct. 31 Postage expense 42
Office supplies 26.10
Miscellaneous expense 16.40
Freight-out 6.80
Cash over and short 1.30
Cash 92.60
(To reimburse the petty cash fund.)
Oct. 31 Petty cash ??????
Cash ??????
(To increase the petty cash fund.)