Loucks Company established a 200 petty cash fund on October
Loucks Company established a $200 petty cash fund on October 2, 2011. The fund is replenished at the end of each month. At the end of October 2011, the fund contained $37 in cash and the following receipts:
Office supplies ..... $76
Lunch with client ... 48
Postage ....... 20
Miscellaneous ..... 19

Prepare the necessary general journal entries to establish the petty cash fund on October 2 and to replenish the fund on October 31.

Membership TRY NOW
  • Access to 800,000+ Textbook Solutions
  • Ask any question from 24/7 available
  • Live Video Consultation with Tutors
  • 50,000+ Answers by Tutors
Relevant Tutors available to help