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On September 1, ABC Company set up a petty cash fund for $300. On September 30, they opened the petty cash lock box and found the following receipts: $140 for stamps, $36.20 for food for the company refrigerator, $27.49 for a delivery of inventory that was made, and $58.97 for office supplies expense.
There was also remaining petty cash in the lockbox of $29.
problem 1: Make the journal entry on Sept 1 to set up the petty cash fund and also the journal entry for September 30 to reimburse the fund.
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