Dow Electronics established a petty cash fund in the amount of $250 to pay for small, incidental expenditures incurred at the office. The fund is handled by a trustworthy custodian. At the end of the month, the fund is replenished. On September 30, the petty cash fund contained $13 in cash and the following receipts: Record journal entries to: a) establish the petty cash fund of $250; b) replenish the fund and recognize expenses at the end of September; and c) increase the fund balance to $300.

Question

Dow Electronics established a petty cash fund in the amount of $250 to pay for small, incidental expenditures incurred at the office. The fund is handled by a trustworthy custodian. At the end of the month, the fund is replenished. On September 30, the petty cash fund contained $13 in cash and the following receipts:  Record journal entries to: a) establish the petty cash fund of $250; b) replenish the fund and recognize expenses at the end of September; and c) increase the fund balance to $300.

Quizplus · Accepted Answer

The Answer of Dow Electronics established a petty cash fund in the amount of $250 to pay for small, incidental expenditures incurred at the office. The fund is handled by a trustworthy custodian. At the end of the month, the fund is replenished. On September 30, the petty cash fund contained $13 in cash and the following receipts:  Record journal entries to: a) establish the petty cash fund of $250; b) replenish the fund and recognize expenses at the end of September; and c) increase the fund balance to $300.

Dow Electronics Established a Petty Cash Fund in the Amount