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Solar Company has decided to use a petty cash fund. Listed below are transactions involving this fund in 2003:
June 4 Set up a petty cash fund of $450.
22 when the fund had a cash amount of $62.70, the custodian of the fund was reimbursed for expenditures made including:
Transportation-in $165.00
Postage 54.00
Office Supplies 163.50
30 The fund was reimbursed so as to include petty cash items in the financial statements prepared for the fiscal year ending on this date. The fund had the following cash and vouchers before reimbursement:
Coins and currency $348.00
Petty cash vouchers for:
Employee's IOU 30.00
Office Supplies 22.20
July 1 The petty cash fund is increased to $600.
Problem 1: Prepare journal entries for all of the above transactions.
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