3) On May 1, 2020, Vuitton Company established a petty cash fund by issuing a check...

3) On May 1, 2020, Vuitton Company established a petty cash fund by issuing a check for
€600
On May 31, 2020, petty cash fund was replenished when there is €35 cash in the fund, in
addition, these receipts were in the petty cash fund:
Freight-in
€300
Supplies Expense 205
Postage Expense 70
Prepare journal entry of replenishing the petty cash fund (entry of May 31):

Expert Solution

Solution-- Journal entry to record replenishment

Date	Particulars	L.F.	Debit (€)	Credit (€)
2020
31-May	Freight-in expense A/c Dr.		300
	Supplies expense A/c Dr.		205
	Postage expense A/c Dr.		70
	To Cash A/c			575
	(Being replenished Petty cash fund)

Note-- Petty cash is not used in the replenishment journal entry.

ekkarill92 answered 2 years ago

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