A company established a petty cash fund of $400 on September 1. On September 10, the...

A company established a petty cash fund of $400 on September 1. On September 10, the petty cash fund was replenished when there was $16 remaining and there were petty cash receipts for: office supplies, $127; transportation-in on inventory purchased, $132; and postage, $125. On September 15, the petty cash fund was decreased to $225 in total.

Expert Solution

Journal Entries:

Date	Particulars	Debit	Credit
Sep-01	Petty Cash	$400
	Cash		$400
	(To record the establishment of Petty Cash fund)

Sep-10	Office Supplies Expense	$127
	Merchandise Inventory	$132
	Postage Expense	$125
	Cash ($400 (-) $16)		$384
	(To record the replinishment of Petty cash Fund)

Sep-15	Petty Cash ($225 (-) $400)	$175
	Cash		$175
	(To record theincrease in Petty cash Fund)

ekkarill92 answered 2 years ago

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