Accounting for petty cash
Karen’s Dance Studio created a $370 imprest petty cash fund. During the month, the fund custodian authorized and signed petty cash tickets as follows:
|
Petty Cash Ticket No. |
Item |
Account Debited |
Amount |
|
1 |
Delivery of programs to customers |
Delivery expense |
$ 25 |
|
2 |
Mail package |
Postage expense |
15 |
|
3 |
Newsletter |
Supplies expense |
35 |
|
4 |
Key to closet |
Miscellaneous expense |
55 |
|
5 |
Computer jump drive |
Supplies expense |
80 |
Requirement
1. Make the general journal entries to
a. create the petty cash fund and
b. record its replenishment. Cash in the fund totals $147, so $13 is missing. Include explanations.