a outlook.office.com SPARTANBURG COMMUNITY Outlook COLLEGE Edit and reply load B

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a outlook.office.com SPARTANBURG COMMUNITY Outlook COLLEGE Edit and reply load B Accessibility Mode -Print Find Test4 Problem 1: (10 Points) Prepare the journalentries for the following petty cash transactions of Morrison Dental Supplies Aug 1Established a petty cash fund with a $200 balance. The petty cash fund has $43 in cash and $154 in petty cash tickets there were issued to pay for Office Expense $75) and Repair Expense ($79). Replenished the fund Aug 31and recorded the expenditures. Oct. 15 ncreased the balance of the petty cash fund to $250 Problem 2: (10 Points) The tollowing information is needed to reconcile the cash balance for Jackson Lawn Services " A deposit of $5,800is in transit. Outstanding checks total $5,100. ".The book balanceis $6,800 at February 28, 2017

Explanation / Answer

Problem: 1 Journal entries Date Accouts title and explanations Debit $ Credit $ 1-Aug Petty cash account 200       Cash account 200 31-Aug office expense Account dr. 75 Repair expense account Dr. 79 Cash short/Over Account Dr. 3      Cash account 157 15-Oct Petty cash account Dr. 50      Cash account 50

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