During October, Wichita Light Company experiences the following transactions in

Question

During October, Wichita Light Company experiences the following transactions in establishing a petty cash fund. Oct. 1 A petty cash fund is established with a check for $147 issued to the petty cash custocian. 31 A check was written to reimburse the fund and increase the fund to $197. A count of the petty cash fund disclosed the following items: Journalize the entries in October that pertain to the petty cash fund. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Explanation / Answer

Prepare the Journal entries in the month of October:

Date

Account title & explanation

Debit

Credit

Oct 1

Petty cash

$                147

            Cash

$                147

Date

Account title & explanation

Debit

Credit

Oct 31

Supplies

$            24.80

Telephone, Internet, and Fax

$            15.10

Postage

$            38.40

Freight out

$               5.50

Petty cash ($197 -$147)

$            50.00

           Cash

$          133.80

Date

Account title & explanation

Debit

Credit

Oct 1

Petty cash

$                147

            Cash

$                147

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