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.

Question

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Respuesta :

andromache andromache · Answer 1 · 2020-02-28T05:36:49+01:00

Explanation:

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)