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Accounting

Carolyn Keene, Inc. decided to establish a petty cash fund to help ensure internal control over its small cash expenditures. The following information is available for the month of April.

1. On April 1, it established a petty cash fund in the amount of $200.

2. A summary of the petty cash expenditures made by the petty cash custodian as of April 10 is as follows.

Delivery charges paid on merchandise purchased $60.00
Supplies purchased and used 25.00
Postage expense 33.00
I.O.U. from employees 17.00
Miscellaneous expense 36.00

The petty cash fund was replenished on April 10. The balance in the fund was $27.

3. The petty cash fund balance was increased $100 to $300 on April 20.

Instructions:

Prepare the journal entries to record transactions related to petty cash for the month of April. (For multiple debit/credit entries, list in order of magnitude.)

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M959448

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