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Canary Inc. maintains a petty cash fund with a balance of $1,800. During the month of September, Canary's employees made routine expenses using cash from the petty cash fund totaling $1,150. At the end of September, Canary replenishes the petty cash account, but it also decides to increase the fund balance to $2,000. Canary classifies all petty cash transactions as miscellaneous expense.

Respuesta :

Answer:

JOURNAL ENTRIES

no entry for the $1800 balance

Sep Debit Miscellaneous expense $1150, Credit Petty cash $1150

Replenish entry

Debit Petty cash $1150, credit Bank account $1150

increase in petty cash balance

Debit Petty Cash $200 credit Bank $200.

Explanation

The question is incomplete but it requires journal entries for petty cash activities. in the complete question i will only use required not the figures.

Canary Inc. maintains a petty cash fund with a balance of $2,400. During the month of September, Canary's employees made routine expenses using cash from the petty cash fund totaling $1,590. At the end of September, Canary replenishes the petty cash account, but it also decides to increase the fund balance to $3,350. Canary classifies all petty cash transactions as miscellaneous expense.

Required:

Prepare a journal entry to record the petty cash activity. For a compound transaction, if an amount box does not require an entry, leave it blank.

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