Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 1.petty cash fund. peterson co. established a $150

1.Petty Cash Fund. Peterson Co. established a $1500 petty cash fund on January 1, 2017....

60.1K

Verified Solution

Question

Accounting

1.Petty Cash Fund.

Peterson Co. established a $1500 petty cash fund on January 1, 2017. One week later, on January 8, the fund contained $290.25 in cash and receipts for these expenditures: postage, $42.00; transportation-in, $27.00; store supplies, $320.75; and a withdrawal of $190.00 by Jim Cameron, the owner. Cameron uses the perpetual method to account for merchandise inventory. a. Prepare the journal entry to establish the fund on January 1. b. Prepare a summary of the petty cash payments

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Cost of Goods ManufacturedSlapshot Company makes ice hockey sticks. During the month ofJune, the...Cost...

Accounting
Q

Castle, Inc., has no debt outstanding and a total market value of $240,000. Earnings before interest...

Finance
Q

A clinical lab wants to evaluate the resistance power of its new medicine. It has provided...

Statistics
Q

A drug company tested three formulations of a pain relief medicine for migraine headache sufferers. For the...

Basic Math
Q

The term sexual dimorphism refers to the differences between the males and females of a...

Biology
Q

(11.2) Determine if each of the following is a parameter or a statistic.a) A survey...

Basic Math
Q

Un corredor tiene una relacin de agencia nica con el vendedor. Cualquier divulgacin REQUERIDA de...

Accounting
Q

Delta Company produces a single product. The cost of producing and selling a single unit...

Accounting
Q

Q1 Q2 stasements to 31 Dexeneber exh year, is...

Accounting
Q

help Fill in the blank...

Accounting
Q

Question 3 (answer all parts of this question) a) Orpheus plc has just paid an...

Finance
Q

If each bench sells for $40 and each chair sells for $21, what is the...

Accounting