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Describe when the petty cash fund should be replenished

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Reference no: EM132630616

Question - The petty cash fund of $300 for Fielding Systems includes the following on December 31, 2021:

Cash $93.60

Petty cash receipts:

Freight in $89.40

Postage 55.00

Balloons for a special occasion 27.00

Meals 30.00

Instructions -

a) Briefly describe when the petty cash fund should be replenished. Because there is cash on hand, is there a need to replenish the fund at year end on December 31? Explain.

b) Prepare in general journal form the entry to replenish the fund. The company uses a perpetual inventory system.

c) On December 31, the office manager gives instructions to increase the petty cash fund by $50. Make the appropriate journal entry.

Reference no: EM132630616

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