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Prepare the necessary journal entries for July

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Question - Equipment World established a $500 petty cash fund on July 1. During the month of July, petty cash was issued in exchange for the following receipts:

July 2 Supplies $65

July 10 Postage expense 52

July 17 Freight out 125

July 25 Advertising expense 47

July 28 Meals expense 70

On July 31, the cash is counted and the balance remaining is found to be $136. A cheque is issued to replenish the fund.

Instructions - Prepare the necessary journal entries for July 1 and July 31.

Reference no: EM132614595

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