Question
15. ABC replenished the petty fund by writing a check for 195. On this date, the fund consisted of 5 on hand and the following petty cash receipts :freight- in 94, postage expense 42.40, entertainment expense 44.60, and miscellaneous expense 11.90.
Journalize the petty cash transactions.
Journalize the petty cash transactions.
Answers
GPT 3.5
The petty cash transactions can be journalized as follows:
1. To replenish petty cash:
Debit: Petty Cash Replenishment Expense: 195
Credit: Cash: 195
2. To record freight-in expense paid from petty cash:
Debit: Freight-in Expense: 94
Credit: Petty Cash: 94
3. To record postage expense paid from petty cash:
Debit: Postage Expense: 42.40
Credit: Petty Cash: 42.40
4. To record entertainment expense paid from petty cash:
Debit: Entertainment Expense: 44.60
Credit: Petty Cash: 44.60
5. To record miscellaneous expense paid from petty cash:
Debit: Miscellaneous Expense: 11.90
Credit: Petty Cash: 11.90
1. To replenish petty cash:
Debit: Petty Cash Replenishment Expense: 195
Credit: Cash: 195
2. To record freight-in expense paid from petty cash:
Debit: Freight-in Expense: 94
Credit: Petty Cash: 94
3. To record postage expense paid from petty cash:
Debit: Postage Expense: 42.40
Credit: Petty Cash: 42.40
4. To record entertainment expense paid from petty cash:
Debit: Entertainment Expense: 44.60
Credit: Petty Cash: 44.60
5. To record miscellaneous expense paid from petty cash:
Debit: Miscellaneous Expense: 11.90
Credit: Petty Cash: 11.90