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Prepare the journal entry setting up the initial fund

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Reference no: EM133159446

Question - Kirk began business this year and transacted the following:

January 1 Established the petty cash fund by cashing a cheque for $300.

15-Feb Replenished the petty cash fund. On this date, the fund consisted of $87 in cash and the following petty cash receipts

Freight out 69.00

Supplies 35.00

Advertising 46.00

Withdrawl by the president 58.00

208.00

Required -

1. Prepare the Journal entry setting up the initial fund.

2. Prepare the Journal entry replenishing the fund.

Reference no: EM133159446

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