Create the journal entry to establish a petty cash fund of $400 for Johnson Corp. on...

Create the journal entry to establish a petty cash fund of $400 for Johnson Corp. on November 1.

On November 30, a physical count of the petty cash shows a balance of $277 along with the following receipts:

Postage Expense	$40
Misc. Expenses	$80

Prepare the journal entry for November 30 to reimburse the petty cash.

On December 1, Johnson Corp. wants to increase the petty cash balance to $450. Prepare the entry to increase the petty cash.

Clayborn Company deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of business on May 31, its Cash account shows a debit balance of $17,025. Clayborn's May bank statement shows $15,800 on deposit in the bank. Determine the adjusted cash balance using the following information:

Deposit in transit	$5,200
Outstanding checks	$4,600
Bank service fees, not yet recorded by company	$25
A NSF check from a customer, not yet recorded by the company	$600

Prepare the bank reconciliation for Clayborn Company. On the back, prepare the journal entries for any adjustments to the cash account.

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Expert Solution

ekkarill92 answered 1 year ago

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