Ask Question
6 June, 23:03

Clooney Corp. establishes a petty cash fund for $225 and issues a credit card to its office manager. By the end of the month, employees made one expenditure from the petty cash fund (entertainment, $15) and three expenditures with the credit card (postage, $55; delivery, $80; supplies expense, $45).

Record all employee expenditures, and record the entry to replenish the petty cash fund. The credit card balance will be paid later.

+3
Answers (1)
  1. 6 June, 23:14
    0
    The journal entries are shown below:

    Entertainment Expenses A/c Dr $15

    Postage expenses A/c Dr $55

    Delivery expenses A/c $80

    Supplies Expenses A/c $45

    To Credit Card payable A/c $180

    To Petty cash A/c $15

    (Being all employee expenditures are recorded)

    Petty cash A/c Dr $15

    To Cash A/c $15

    (Being the replenish of the petty cash fund is recorded)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Clooney Corp. establishes a petty cash fund for $225 and issues a credit card to its office manager. By the end of the month, employees ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers