In: Accounting
On September 1, Jenkins Company establishes a petty cash fund by issuing a check for $225 to Janice Bailey, the custodian of the petty cash fund. On September 30, Janice submitted the following paid petty cash vouchers for replenishment of the petty cash fund when there is $10 cash in the fund:
Freight-in 60
Office Supplies Expense 45
Entertainment of Clients 42
Postage Expense 52
Instructions
Use the information above to answer the following questions.
1) Which of the following account(s) would be debited to establish the petty cash fund? (Choose all appropriate answers)
Cash
Cash Over and Short
Entertainment Expense
Freight in
Office Supplies Expense
Petty Cash
Postage Expense
2) How much cash should the petty cash custodian ask for to replenish the fund? Amount can be entered with or without commas. DO NOT include dollar signs or decimals.