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kipiarov [429]
2 years ago
11

Clooney Corp. establishes a petty cash fund for $200 and issues a credit card to its office manager. By the end of the month, em

ployees made one expenditure from the petty cash fund (entertainment, $25) and three expenditures with the credit card (postage, $44; delivery, $69; supplies expense, $34). Separately record employee credit card expenditures and employee petty cash expenditures. The credit card balance will be paid later
Business
1 answer:
Darya [45]2 years ago
4 0

Answer:

Clooney Corp.

Petty Cash Journal Entry

<em>Sr. No                     Particulars             Debit           Credit</em>

1                    Petty Cash                      $200

                             Cash                                            $200

Establishing Petty Cash

2.   (Employee Name;s ) Entertainment Expenses    $25 Dr

                     Petty Cash                                        $ 25 Cr

Recording employee petty cash expenditures

Credit Card Expenditures Entries

1.                            Postage,                  $44;  Dr

                            Delivery,                     $69; Dr

                            Supplies expense,     $34 Dr

                           Credit Card Payable                 147 Cr

Credit Card Payable is a liability and appears in the balance sheet . It has to be paid in the future.

2.                    Credit Card Payable           147 Dr.

                          Cash                                                  147 Cr

When the liability is paid this entry is made.

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