Exercise 7-15 During October, Blossom Company experiences the following transact

Question

Exercise 7-15

During October, Blossom Company experiences the following transactions in establishing a petty cash fund.

Journalize the entries in October that pertain to the petty cash fund. (Round answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Exercise 7-15: LIST OF ACCOUNTS TO USE

Oct. 1 A petty cash fund is established with a check for $146.00 issued to the petty cash custodian. 31 A check was written to reimburse the fund and increase the fund to $196.00. A count of the petty cash fund disclosed the following items: CSecure htt edugen.wicyplus.com/edugeryltymainun Return ta Rlxkboard I, Accounting, Gc Excrciso 7-15 During October, Blossom Company cxperiences the fellowing transacticns in cstablishing petty cath fund. Oct. 1 A pctty cash fund is cstab ishod with check for si4G .00 íssucd to tho pctty cash custodian. Part H 31 A chack was writtan to reimbursa the tund and Increase the tund to si96.00. A count of th petty cash tund discoted the tollcwing items: 830.00 2.17 Currene Review Score Reviw Results hy Sthady Suppies Tclcphone, Internct, and fax $24.03 14.93 1nurna i7a th "tr as in netabar that ertain to the err cash tund Round answers to 2 decimal placec e g. 52.75 credit account titis are allta matically ideta d when amatat is entered. Do nt indent maniall Datc Account Titiles and Explanation Dcbit oct- Oet. 31 Qu stion Attenapts: of S used 5AVE PO LATER lype here to search

Explanation / Answer

Solution :-

Journal Entries for the month of October of petty cash fund

Petty Cash ($196 - $146)

Cash ($196 - $59 - $2.17)

$50

$134.83

Date Account Titles and Explanation Debit Credit October 1 Petty Cash Account $146 Cash Account $146 (To establish the petty cash account) October 31 Supplies $24.63 Miscellaneous Expense $14.93 Postage Expense $38.23 Freight outwards $5.33 Cash over and short ( Balancing Figure ) 1.71

Petty Cash ($196 - $146)

Cash ($196 - $59 - $2.17)

$50

$134.83

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