Name: Class: Date Financial Accounting ACC111 - Professor Horowitz - Test 4-Fall

Question

Name: Class: Date Financial Accounting ACC111 - Professor Horowitz - Test 4-Fall 2017 5. On April 2, Granger Sales decides to establish a $125.00 petty cash fund to relieve the burden on Accounting. (a) Journalize the establishment of the fund. (b) On April 10, the petty cash fund has receipts for mail and postage of $43.50, contributions and donations of $29.50, meals and entertainment of $38.25, and S13.55 in cash. Journalize the replenishment of the fund. (c) On April 11, Granger Sales decides to increase petty cash to $200.00. Journalize this event.

Explanation / Answer

Date Account Title Debit Credit 2-Apr-17 Petty Cash         125.00 Cash          125.00 Date Account Title Debit Credit 10-Apr-17 Mail & Postages           43.50 Contributions & donations           29.50 Meals & Entertainment           51.80 Petty Cash          124.80 Date Account Title Debit Credit 10-Apr-17 Petty Cash         124.80 Cash          124.80 Date Account Title Debit Credit 11-Apr-17 Petty Cash           75.00 Cash            75.00

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