Required 1. Prepare the journal entry to establish the petty cash fund. 2. Prepa

Question

Required 1. Prepare the journal entry to establish the petty cash fund. 2. Prepare a petty cash payments report for February with these categories: delivery expense, mileage expense, postage expense, merchandise expense, merchandise inventory ( for transportation - in) and office supplies expense. Sort the payments into the appropriate categories and total the expenditures in each category. 3. Prepare the journal entries (in dollars and cents) for part 2 to both (a) reimburse and (b) increase the fund amount.

Explanation / Answer

1.

2.

3.

Date Account Titles Debit Credit Petty cash 400     Cash 400

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