On September 1, Jenkins Company establishes a petty cash fund by issuing a check for $225...

On September 1, Jenkins Company establishes a petty cash fund by issuing a check for $225 to Janice Bailey, the custodian of the petty cash fund. On September 30, Janice submitted the following paid petty cash vouchers for replenishment of the petty cash fund when there is $10 cash in the fund:

Freight-in 60

Office Supplies Expense 45

Entertainment of Clients 42

Postage Expense 52

Instructions

Use the information above to answer the following questions.

1) Which of the following account(s) would be debited to establish the petty cash fund? (Choose all appropriate answers)

Cash

Cash Over and Short

Entertainment Expense

Freight in

Office Supplies Expense

Petty Cash

Postage Expense

2) How much cash should the petty cash custodian ask for to replenish the fund? Amount can be entered with or without commas. DO NOT include dollar signs or decimals.

Solutions

Expert Solution

ekkarill92 answered 1 year ago

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