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Prepare journal entry to establish the fund on january

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Question - NetPerks Co. establishes a $190 petty cash fund on January 1. On January 8, the fund shows $91 in cash along with receipts for the following expenditures: postage, $44; transportation-in, $10; delivery expenses, $12; and miscellaneous expenses, $33. NetPerks uses the perpetual system in accounting for merchandise inventory.

1) Prepare journal entry to establish the fund on January 1.

2) Prepare journal entry to reimburse it on January 8.

3) Prepare journal entries to both reimburse the fund and increase it to $240 on January 8, assuming no entry in part 2.

Reference no: EM131804649

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