Cameron Co. established a $182 petty cash fund on January 1, 2020. One week later, on January 8, the fund contained $35.33 in cash and receipts for these expenditures: postage, $50.96; transportation-in, $3276; store supplies, $3979, and a withdrawal of $23.16 by Jim Cameron, the owner. Cameron uses the perpetual method to account for merchandise inventory. e. Prepare the journal entry to establish the fund on January 1. View transaction fist Journal entry worksheet Record the entry to establish the fund.
Cameron Co. established a $182 petty cash fund on January 1, 2020. One week later, on January 8, the fund contained $35.33 in cash and receipts for these expenditures: postage, $50.96; transportation-in, $3276; store supplies, $3979, and a withdrawal of $23.16 by Jim Cameron, the owner. Cameron uses the perpetual method to account for merchandise inventory. e. Prepare the journal entry to establish the fund on January 1. View transaction fist Journal entry worksheet Record the entry to establish the fund.
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter5: Accounting Systems
Section: Chapter Questions
Problem 9E: Transactions related to revenue and cash receipts completed by Sycamore Inc. during the month of...
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