Setterstrom Company established a petty cash fund on May 1, cashing a check for

Question

Setterstrom Company established a petty cash fund on May 1, cashing a check for $110. The company reimbursed the fund on June 1 and July 1 with the following results. June 1: Cash in fund $3.30. Receipts: delivery expense $27.80, postage expense $38.20, and miscellaneous expense $38.60. July 1: Cash in fund $3.90. Receipts: delivery expense $21.85, entertainment expense $52.05, and miscellaneous expense $32.20. On July 10, Setterstrom increased the fund from $110 to $140. Prepare journal entries for Setterstrom Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 52.75.)

Explanation / Answer

In the books of Setterstrom Company:

Date Account Titles Debit Credit $ $ May 1 Petty Cash 110 Cash 110 June 1 Delivery Expense 27.80 Postage Expense 38.20 Miscellaneous Expense 38.60 Cash Short and Over 2.10 Cash 106.70 July 1 Delivery Expense 21.85 Entertainment Expense 52.05 Miscellaneous Expense 32.20 Cash 106.10 July 10 Petty Cash 30 Cash 30

Related Questions

Navigate

• Browse (All)
• Browse S
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.