E8-7 - E8-7 Correct James Hughes Company established a...

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Unformatted text preview: E8-7 Correct. James Hughes Company established a petty cash fund on May 1, cashing a check for $100. The company reimbursed the fund on June 1 and July 1 with the following results. June 1: Cash in fund $2.75. Receipts: delivery expense $31.25; postage expense $39.00; and miscellaneous expense $25.00. July 1: Cash in fund $3.25. Receipts: delivery expense $21.00; entertainment expense $51.00; and miscellaneous expense $24.75. On July 10, James Hughes increased the fund from $100 to $150. Instructions Prepare journal entries for James Hughes Company for May 1, June 1, July 1, and July 10. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2. Round answers to 2 decimal places, e.g. 10.50.) Date Account / Description Debit Credit May 1 Petty cash $ 100 Cash $ 100 June 1 Postage expense $ 39.00 Delivery expense $ 31.25 Miscellaneous expense $ 25.00 Cash over and short $ 2.00 Cash $ 97.25 July 1 Entertainment expense $ 51.00 Miscellaneous expense $ 24.75 Delivery expense $ 21.00 Cash $ 96.75 July 10 Petty cash $ 50.00 Cash $ 50.00 ...
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This note was uploaded on 10/11/2011 for the course ACC557 ACC557 taught by Professor Na during the Spring '10 term at Strayer.

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