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Construct journal entries for the establishment of the fund

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Reference no: EM132761391

Blossom Company designated Alexa Kidd as petty cash custodian and established a petty cash fund of $401. The fund is reimbursed when the cash in the fund is at $56. Petty cash receipts shows that funds were disbursed for $173 of supplies and $167 of freight charges on inventory purchases. Blossom uses a perpetual inventory system.

Blossom follows the practice of recording the purchase of supplies to the asset account.

Problem 1: Make journal entries for the establishment of the fund and the reimbursement.

Reference no: EM132761391

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