On June 1 of this year, Estes and Company established a Petty Cash Fund. The following petty cash transactions took place during the month, and the fund has $165.00 remaining at June 30.
Instructions:
1. Journalize the entry to establish the Petty Cash Fund in general journal.
2. Record the disbursements of petty cash in the petty cash payments record.
3. Journalize the summarizing entry to reimburse the Petty Cash Fund.
Definitions:
Declared Dividend
A payment authorized by a company’s board of directors to be distributed among shareholders out of the company’s earnings.
Business Combination Entries
The journal entries recorded to account for the consolidation of entitles under common control, reflecting their assets, liabilities, and any non-controlling interest.
Fair Value
Fair value is an estimate of the price at which an asset or liability could be exchanged between knowledgeable, willing parties in an arm's length transaction.
Share Capital
The funds that a company raises by issuing shares of stock, representing ownership in the company.
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