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Prepare the journal entry to establish the petty cash fund

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Question - On February 10, this year, the company established a $400 petty cash fund. We use perpetual inventory system. At the end of February, the petty cash fund contained:

- Cash on hand $54.30

- Petty cash tickets for

- Transportation In $115.32

- Office supplies 74.24

- Coffee supplies 26.52

- Computer paper 99.25

- Lunch for meeting 28.46

Part A - Prepare the journal entry to establish the petty cash fund on February 10.

Part B - Prepare the journal entry, at the end of February, to replenish the petty cash fund.

Part C - Prepare the journal entry to increase the petty cash by $50 to be $450 now.

Reference no: EM133012540

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