Jasmine Company has established a petty cash fund for small expenditures. Prepar
ID: 2709915 • Letter: J
Question
Jasmine Company has established a petty cash fund for small expenditures. Prepare journal entries for the following transactions (omit explanations).
April 5
Established a $200 petty cash fund with cash withdrawn from company checking account.
30
The petty cash fund has $10 remaining and is replenished. Expenditures for April were $60 for supplies, $50 for meals, $65 for postage, and $20 for freight-in.
May 31
The petty cash fund has $20 remaining and is replenished. Expenditures for May were $55 for postage, $40 for charitable contributions, $56 for supplies, and $25 for freight-in.
GENERAL JOURNAL
Date
Description
Post. Ref.
Debit
Credit
April 5
Petty Cash
Cash
30
Supplies
Meals (or Entertainment) Expense
Postage Expense
Freight-In
Cash
Cash Short or Over
May 31
Postage Expense
Charitable Contributions
Supplies
Freight-In
Cash Short or Over
Cash
April 5
Established a $200 petty cash fund with cash withdrawn from company checking account.
30
The petty cash fund has $10 remaining and is replenished. Expenditures for April were $60 for supplies, $50 for meals, $65 for postage, and $20 for freight-in.
May 31
The petty cash fund has $20 remaining and is replenished. Expenditures for May were $55 for postage, $40 for charitable contributions, $56 for supplies, and $25 for freight-in.
GENERAL JOURNAL
Date
Description
Post. Ref.
Debit
Credit
April 5
Petty Cash
Cash
30
Supplies
Meals (or Entertainment) Expense
Postage Expense
Freight-In
Cash
Cash Short or Over
May 31
Postage Expense
Charitable Contributions
Supplies
Freight-In
Cash Short or Over
Cash
Explanation / Answer
GENERAL JOURNAL Post. Ref. Date Description Debit Credit April 5 Petty Cash 200 Cash 200 30 Supplies 60 Meals (or Entertainment) Expense 50 Postage Expense 65 Freight-In 20 Cash Short or Over 5 Cash 190 May 31 Postage Expense 55 Charitable Contributions 40 Supplies 56 Freight-In 25 Cash Short or Over 4 Cash 180
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