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Prepare the journal entries to record transactions

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Question - Bridgeport, Inc. decided to establish a petty cash fund to help ensure internal control over its small cash expenditures. The following information is available for the month of April.

1. On April 1, it established a petty cash fund in the amount of $252.

2. A summary of the petty cash expenditures made by the petty cash custodian as of April 10 is as follows.

Delivery charges paid on merchandise purchased$73Supplies purchased and used38Postage expense46I.O.U. from employees30Miscellaneous expense49

The petty cash fund was replenished on April 10. The balance in the fund was $11.

3. The petty cash fund balance was increased by $113 to $365 on April 20.

Prepare the journal entries to record transactions related to petty cash for the month of April.

Reference no: EM131700966

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