prepare the journal entries to record transactions related to petty cash for the mon 645046
(Petty Cash) McMann, Inc. decided to establish a petty cash fund to help ensure internal control over its small cash expenditures. The following information is available for the month of April.
1. On April 1, it established a petty cash fund in the amount of $200.
2. A summary of the petty cash expenditures made by the petty cash custodian as of April 10 is as follows.
|
Delivery charges paid on merchandise purchased |
$60 |
|
Supplies purchased and used |
25 |
|
Postage expense |
40 |
|
I.O.U. from employees |
17 |
|
Miscellaneous expense |
36 |
The petty cash fund was replenished on April 10. The balance in the fund was $12.
3. The petty cash fund balance was increased $100 to $300 on April 20.
Instructions
Prepare the journal entries to record transactions related to petty cash for the month of April.