Prepare journal entries to 1 establish the fund on january, Ask an Expert

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Dane Co. establishes a $200 petty cash fund on January 1. One week later, the fund shows $28 in cash along with receipts for the following expenditures: postage, $64; transportation-in, $19; deliv- ery expenses, $36; and miscellaneous expenses, $53. Dane uses the perpetual system in accounting for merchandise inventory. Prepare journal entries to (1) establish the fund on January 1, (2) reim- burse it on January 8, and (3) both reimburse the fund and increase it to $500 on January 8, assuming no entry in part 2.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9411503

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