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Prepare journal entries for the establishment of the fund

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Reference no: EM132932387

Question - Stark PLC designated Tom Holland as petty cash custodian and established a petty cash fund of P20,000. The fund is reimbursed when the cash in the fund is at P1,500. Petty cash receipts indicate funds were disbursed for office supplies P9,400 and miscellaneous expense P8,700. Prepare journal entries for the establishment of the fund and the reimbursement.

Required - Prepare Journal Entries:

-to record the establishment of the fund.

-to record the replenishment of the fund.

Reference no: EM132932387

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