Prepare a petty cash payments report for April

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Reference no: EM133207574

Assignment - Petty Cash Fund Payments Report Question - Stanley Marks had the following petty cash transactions in April of the current year.

Apr 2 Write a $300 check to establish a petty cash fund.

Apr 4 Purchased paper and other supplies for the office for $48.20 that is immediately used.

Apr 10 Paid $35.20 for coffee and muffins for a weekly meeting with the staff.

Apr 12 Paid $20.15 postage to courier a special order to a customer.

Apr 14 Reimbursed Susan Snow, the manager, $60 for travel expenses for her trip to see visit customers.

Apr 28 Paid the cleaning staff $100 for the month.

Apr 30 The fund had $36.45 remaining in the petty cashbox. Sorted the petty cash receipts by accounts affected and exchanged them for a check to reimburse the fund for expenditures.

Apr 30 The petty cash fund amount is increased by $100 to a total of $400.

Required -

1. Prepare the journal entry to establish the petty cash fund.

2. Prepare a petty cash payments report for April with these categories: delivery expense, mileage expense, postage expense, merchandise inventory (for transportation-in), and office supplies expense.

3. Prepare the journal entries for part 2 to both (a) reimburse and (b) increase the fund amount.

Reference no: EM133207574

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