A company sets up a petty cash fiund and initially funds it with $300.00. The en

Question

A company sets up a petty cash fiund and initially funds it with $300.00. The entry is: 07/12/18 Petty cash $300 $300 Cash of the The components of a journal include the date of the transaction, the title of affected accounts, dollar amount of each debit and credit, and transaction. Journal entries are important because it keeps tract of the or not the company is doing good or bad and sometimes help companies the journal and credits are amounts that go on the right side. Each entry records both a debit and a credit for every other so the accounting equation stays in amount of eash flow throughout the By keeping a journal shows the owner weather determine if they are going to expand. Debits are amounts that are posted on the left side of transaction, and the two amounts must equal each A journal is the original source of the information contained in a financial report. After entries are posted to the journal, the accounting system transfers the information to the ledger, which then is used to produce your income statements and balance sheets

Explanation / Answer

Solution:

Petty Cash Journal Date Particulars Debit Credit 7-Dec-18 Petty Cash Dr $300.00       To Cash $300.00 (To record establishment of petty cash fund)

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