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Make the necessary journal entries for July

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Reference no: EM132615292

Question - Equipment World established a $500 petty cash fund on July 1. During the month of July, petty cash was issued in exchange for the following receipts:

July 2 Supplies $65

July 10 Postage expense $52

July 17 Freight out $125

July 25 Advertising expense $47

July 28 Meals expense $70

On July 31, the cash is counted and the balance remaining is found to be $136. A cheque is issued to replenish the fund.

Instructions - Make the necessary journal entries for July 1 and July 31.

Reference no: EM132615292

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