Reference no: EM132473330

Concord Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August.

Point 1: Aug. 1 Established the petty cash fund by writing a check payable to the petty cash custodian for $205.

Point 2: 15 Replenished the petty cash fund by writing a check for $200.00. On this date, the fund consisted of $5.00 in cash and these petty cash receipts: freight-out $92.00, entertainment expense $47.00, postage expense $42.60, and miscellaneous expense $17.00.

Point 3: 16 Increased the amount of the petty cash fund to $320 by writing a check for $115.00.

Point 4: 31 Replenished the petty cash fund by writing a check for $303.50. On this date, the fund consisted of $16.50 in cash and these petty cash receipts: postage expense $139.80, entertainment expense $93.30, and freight-out $68.60.

Question 1: How do Journalize the petty cash transactions.?

Question 2: Post to the Petty Cash account.