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 $
$
June 1 $
$
$
$
$
July 1 $
$
$
$
$
July 10 $
$
ANSWER KEY E8-7 James Hughes Company established a petty cash fund on May 1, cashing a check for $100.