Karens Dance Studio created a $ 370 imprest petty cash fund. During the month, the fund custodian

Karen’s Dance Studio created a $ 370 imprest petty cash fund. During the month, the fund custodian authorized and signed petty cash tickets as follows:

Requirement
1. Make the general journal entry to create the petty cash fund. Include an explanation.
2. Make the general journal entry to record the petty cash fund replenishment. Cash in the fund totals $ 147. Include an explanation.
3. Assume that Karen’s Dance Studio decides to decrease the petty cash fund to $ 200. Make the general journal entry to record thisdecrease.

Transcribed Image Text:

Petty Cash Ticket No. Item Account Debited Amount Delivery of programs Deivery Expense s 25 to customers Mail package Newsletter Key to closet Copier paper Postage Expense Printing Expense Miscellaneous Expense Office Supplies 15 35 4 80