Prepare journal entries for the following petty cash fund transactions:
Aug. 1Established a $50 petty cash fund.
31Replenished the petty cash fund. Currency and coins remaining were $8.
Approved paid vouchers were $6 donation expense, $9 postage expense,
$12 office supplies expense, and $13 miscellaneous expense.
43) Prepare journal entries for the following petty cash fund transactions:
Jul. 1Established a $75 petty cash fund.
9Increased the petty cash fund to $100.
31Replenished the petty cash fund. Currency and coins remaining were $20.
Approved paid vouchers were $12 donation expense, $21 postage expense, $35
office supplies expense and $15 miscellaneous expense.
44) What would a company gain by using a petty cash fund?
45) Why is the petty cash account not credited if you add up the vouchers in the petty cash box and they equal $72.00?
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