On June 1 of this year, Estes and Company established a Petty Cash Fund. The following petty cash transactions took place during the month, and the fund has $165.00 remaining at June 30.

Instructions:
1. Journalize the entry to establish the Petty Cash Fund in general journal.
2. Record the disbursements of petty cash in the petty cash payments record.
3. Journalize the summarizing entry to reimburse the Petty Cash Fund.

Question

On June 1 of this year, Estes and Company established a Petty Cash Fund. The following petty cash transactions took place during the month, and the fund has $165.00 remaining at June 30.
 
Instructions:
1. Journalize the entry to establish the Petty Cash Fund in general journal.
2. Record the disbursements of petty cash in the petty cash payments record.
3. Journalize the summarizing entry to reimburse the Petty Cash Fund.

Quizplus · Accepted Answer

The Answer of On June 1 of this year, Estes and Company established a Petty Cash Fund. The following petty cash transactions took place during the month, and the fund has $165.00 remaining at June 30.
 
Instructions:
1. Journalize the entry to establish the Petty Cash Fund in general journal.
2. Record the disbursements of petty cash in the petty cash payments record.
3. Journalize the summarizing entry to reimburse the Petty Cash Fund.

On June 1 of This Year, Estes and Company Established