← Lorena's Dance Studio created a $270 imprest petty cash fund. During the month, the fund custodian authorized and signed petty cash tickets as follows: (Click the icon to view the petty cash tickets.) Data table Petty Cash Ticket No. Ticket No. 1 Ticket No. 2 Ticket No. 3 Ticket No. 4 Ticket No. 5 Account Debited Delivery of programs to customers Delivery Expense Mail package Postage Expense Printing Expense Miscellaneous Expense Office Supplies Item Newsletter Key to closet Copier paper Amount $ 30 15 35 50 75 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 $50. Include an explanation. 3. Assume that Lorena's Dance Studio decides to decrease the petty cash fund to $130. Make the general journal entry to record this decrease.
← Lorena's Dance Studio created a $270 imprest petty cash fund. During the month, the fund custodian authorized and signed petty cash tickets as follows: (Click the icon to view the petty cash tickets.) Data table Petty Cash Ticket No. Ticket No. 1 Ticket No. 2 Ticket No. 3 Ticket No. 4 Ticket No. 5 Account Debited Delivery of programs to customers Delivery Expense Mail package Postage Expense Printing Expense Miscellaneous Expense Office Supplies Item Newsletter Key to closet Copier paper Amount $ 30 15 35 50 75 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 $50. Include an explanation. 3. Assume that Lorena's Dance Studio decides to decrease the petty cash fund to $130. Make the general journal entry to record this decrease.
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 1PB: On June 1 French company has decided to initiate a petty cash fund in the amount of $800. Prepare...
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