During October, Wichita Light Company experiences the following transactions in establishing a petty cash fund.
Journalize the entries in October that pertain to the petty cash fund. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Oct. 1
Oct. 31
During October, Wichita Light Company experiences the following transactions in establishing a petty cash fund.Journalize the entries in October that pertain to the petty cash fund. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Solution
Petty Cash Fund
Business generally keeps small amounts of cash to meet small obligations such as emergency supplies, small delivery charges etc. This is called petty cash fund. The person who is responsible for maintaining the petty cash fund, documentation of disbursements made, and reconciling the petty cash is called
.
Industrial Training Report- AKTU Industrial Training Report
During October- Wichita Light Company experiences the following transa.docx
1. During October, Wichita Light Company experiences the following transactions in establishing a
petty cash fund.
Journalize the entries in October that pertain to the petty cash fund. (Credit account titles are
automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Oct. 1
Oct. 31
Oct.
1
A petty cash fund is established with a check for $146 issued to the petty cash custodian.
31
A check was written to reimburse the fund and increase the fund to $196. A count of the
petty cash fund disclosed the following items:
During October, Wichita Light Company experiences the following transactions in establishing a
petty cash fund.Journalize the entries in October that pertain to the petty cash fund. (Credit
account titles are automatically indented when amount is entered. Do not indent manually.)
Solution
Petty Cash Fund
Business generally keeps small amounts of cash to meet small obligations such as emergency
supplies, small delivery charges etc. This is called petty cash fund. The person who is
responsible for maintaining the petty cash fund, documentation of disbursements made, and
reconciling the petty cash is called
