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Prepare the general journal entry to establish the fund

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Reference no: EM132532293

Question - CigaBox Inc., established a $150 petty cash fund on April 3. On April 30 there was $23 in cash in the fund and bills/receipts for the following expenditures: Transportation-in, $64; Store supplies, $49; and Contributions expense, $10. The petty cashier could not account for the shortage in the fund. CigaBox Inc. uses the perpetual inventory system.

Required -

a) Prepare the general journal entry to establish the fund.

b) Prepare the general journal entry to replenish the fund and reduce it to $100.

Reference no: EM132532293

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