Exercise 7-15
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
Exercise 7-15 During October, Wichita Light Company experiences the following transactions in establishing a petty cash fund. Oct. 1 A petty cash fund is established with a check for $150 issued to the petty cash custodian. 31 A check was written to reimburse the fund and increase the fund to $200. A count of the petty cash fund disclosed the following items: Currency $59.00 Coins 0.70 Expenditure receipts (vouchers): Supplies $26.10 Telephone, Internet, and fax 16.40 Postage 39.70 Freight-Out 6.80 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
Solution
Oct1 Petty cash Dr 150
to bank 150
(being fund created)
Oct 31 Supplies Dr 26.10
Telephone, int.. Dr 16.40
Postage Dr 39.70
Freight Out Dr 6.80
Cash short & excess Dr 1.30
To petty cash 90.30
(being expenses during the month)
Petty cash Dr 140.30
To Bank 140.30
(being amount re-imbursed and increased)
.
Exercise 7-15 During October- Wichita Light Company experiences the fo.docx
1. Exercise 7-15
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 $150 issued to the petty cash custodian.
31
A check was written to reimburse the fund and increase the fund to $200. A count of the
petty cash fund disclosed the following items:
Exercise 7-15 During October, Wichita Light Company experiences the following transactions in
establishing a petty cash fund. Oct. 1 A petty cash fund is established with a check for $150
issued to the petty cash custodian. 31 A check was written to reimburse the fund and increase the
fund to $200. A count of the petty cash fund disclosed the following items: Currency $59.00
Coins 0.70 Expenditure receipts (vouchers): Supplies $26.10 Telephone, Internet, and fax 16.40
Postage 39.70 Freight-Out 6.80 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
Solution
2. Oct1 Petty cash Dr 150
to bank 150
(being fund created)
Oct 31 Supplies Dr 26.10
Telephone, int.. Dr 16.40
Postage Dr 39.70
Freight Out Dr 6.80
Cash short & excess Dr 1.30
To petty cash 90.30
(being expenses during the month)
Petty cash Dr 140.30
To Bank 140.30
(being amount re-imbursed and increased)
