Prepare the journal entries to record transactions

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Reference no: EM132835629

Question - Waterway, 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 $232.

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 $70

Supplies purchased and used 35

Postage expense 43

I.O.U. from employees 27

Miscellaneous expense 46

The petty cash fund was replenished on April 10. The balance in the fund was $2.

3. The petty cash fund balance was increased $110 to $342 on April 20.

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

Reference no: EM132835629

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