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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
Question 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.
Question b) Prepare in general journal form the entry to replenish the fund. The company uses a perpetual inventory system.
Question c) On December 31, the office manager gives instructions to increase the petty cash fund by $50. Make the appropriate journal entry.
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