T-Mobile LTE 12:44 AM Ch 07 Homework Exercise 7-15 Your answer is partially corr
ID: 2551708 • Letter: T
Question
T-Mobile LTE 12:44 AM Ch 07 Homework Exercise 7-15 Your answer is partially correct. Try again. During October, Sandhill Company experiences the following transactions in establishing a petty cash fund. Ot A petty cash fund is established with a check for $147.00 issued to the petty cash custodian A check was written to reimburse the fund and increase the fund to $197.00. A count of the petty cash fund disclosed the following items: $59.00 2.15 Currency Expendture receipts (vouchers): 24.65 Supplies Telephone, Internet, and fax Postage ournalize 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.) Date Acceent Tiiks and Explasatos Debit Oct 1 Oct. 31 Question Attempts: 3 of 4 used SAVE FOR LATERExplanation / Answer
cash to be credited on octomber 31 = original fund amount - currency - coins + (new fund amount - original fund amount)
=> $147 - 59.00 - 2.15 +(197-147)
=>$135.85.
the entry on october 31 will be:
date account titles and explanatrion debit credit oct 1 petty cash $147 . .................To cash $147 oct 31 supplies 24.65 miscelleneous expense 14.95 postage expenses 38.25 freight out 5.35 cash over and short 2.65 petty cash 50 ......................To Cash $135.85Related Questions
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