Journalize the entries to record the following a Cheque No 1054
Journalize the entries to record the following:
a. Cheque No. 1054 is issued to establish a petty cash fund of $700.
b. Cheque No. 1259 is issued to replenish the fund. A summary of the receipts in the fund shows the following: vehicle expense, $173; advertising expense, $69; cash advance to an employee, $75; cash advance to the owner for office supplies, $65.
There was $329 cash in the fund at the time it was replenished and the company decided to reduce the fund by $200.
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