On April 2, Granger Sales decides to establish a $125.00 petty cash fund to relieve the burden on Accounting.

(a) Journalize the establishment of the fund.
(b) On April 10, the petty cash fund has receipts for mail and postage of $43.50, contributions and donations of $29.50, meals and entertainment of $38.25, and $13.55 in cash. Journalize the replenishment of the fund. Record any missing funds in the cash short and over account.
(c) On April 11, Granger Sales decides to increase petty cash to $200.00. Journalize this event.

Question

On April 2, Granger Sales decides to establish a $125.00 petty cash fund to relieve the burden on Accounting.
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(a) Journalize the establishment of the fund.
(b) On April 10, the petty cash fund has receipts for mail and postage of $43.50, contributions and donations of $29.50, meals and entertainment of $38.25, and $13.55 in cash. Journalize the replenishment of the fund. Record any missing funds in the cash short and over account.
(c) On April 11, Granger Sales decides to increase petty cash to $200.00. Journalize this event.

Quizplus · Accepted Answer

The Answer of On April 2, Granger Sales decides to establish a $125.00 petty cash fund to relieve the burden on Accounting.
​
(a) Journalize the establishment of the fund.
(b) On April 10, the petty cash fund has receipts for mail and postage of $43.50, contributions and donations of $29.50, meals and entertainment of $38.25, and $13.55 in cash. Journalize the replenishment of the fund. Record any missing funds in the cash short and over account.
(c) On April 11, Granger Sales decides to increase petty cash to $200.00. Journalize this event.

On April 2, Granger Sales Decides to Establish a $125