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Record the entry for the establishment of the fund

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Reference no: EM132529232

Question - On 05/01/19, Smith CPA firm established a imprest petty cash fund for $450.00.

Petty Cash Tickets for the month includethe follwing items: Food & Beverages $85.00; Tips for Delivery Drivers $45,00 , Transit fares $150.00 , Office Supplies $175.00. Cash on hand at 05/31/19 is $15.00.

Required -

1) At 05/01/19, record the entry for the establishment of the fund.

2) At 05/31/ 19, record the entry for the replenishment of the fund.

3) At 05/31/19, record the entry to increase the fund to $550.00.

Reference no: EM132529232

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