Required: Prepare the journal entries to record the transactions under the imprest fund system. CASH CONTROL - PETTY CASHPROBLEM EXERCISEZenith Company provided the following chronological transactions in relation to petty cash:1. The entity established a petty cash fund of P 10,000.2. Petty cash disbursements were:P 1,500PostageSupplies2,0003. Petty cash disbursements were:P 1,000TransportationMiscellaneous expense5004. Petty cash disbursements were:P 1,000SuppliesTransportation3,0005. Issued check to replenish the fund.6. Petty cash disbursements were:PostageSuppliesP 2,0003,0004,000Transportation7. Issued check for an amount to replenish the fund and bring the balance of the petty cash to P20,000.

The petty cash fund is generated for day-to-day minor cash expenses of the business. A journal entry…

CASH CONTROL - PETTY CASH PROBLEM EXERCISE Zenith Company provided the following chronological transactions in relation to petty cash: 1. The entity established a petty cash fund of P 10,000. 2. Petty cash disbursements were: Postage Supplies P 1,500 2,000 3. Petty cash disbursements were: P 1,000 Transportation Miscellaneous expense 500 4. Petty cash disbursements were: Supplies Transportation P1,000 3,000 5. Issued check to replenish the fund. 6. Petty cash disbursements were: Postage Supplies Transportation P 2,000 3,000 4,000 7. Issued check for an amount to replenish the fund and bring the balance of the petty cash to P 20.000.

CASH CONTROL - PETTY CASH PROBLEM EXERCISE Zenith Company provided the following chronological transactions in relation to petty cash: 1. The entity established a petty cash fund of P 10,000. 2. Petty cash disbursements were: Postage Supplies P 1,500 2,000 3. Petty cash disbursements were: P 1,000 Transportation Miscellaneous expense 500 4. Petty cash disbursements were: Supplies Transportation P1,000 3,000 5. Issued check to replenish the fund. 6. Petty cash disbursements were: Postage Supplies Transportation P 2,000 3,000 4,000 7. Issued check for an amount to replenish the fund and bring the balance of the petty cash to P 20.000.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter7: Accounting For Cash

Section: Chapter Questions

Problem 6SEB

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