Prepare the journal entries for each of the following dates if necessary:

Dec $1.9$A Company establishes a petty cash fund by issuing a check for $$200$ to Paul, the custodian of the petty cash fund.

Dec $12.$ Paul paid the following expenses:

Freight out: $$27$

Supplies Expense: $$35$

Entertainment Expense: $$60$

Postage Expense: $$28$

Dec $20.$ Paul asked for replenishment when there was $$51$ cash in the fund.

Dec $31.$ Paul recognized travelling expense $$53$ but decided not to replenish the petty cash fund.

Jan $3.$ Paul recognized the donation expense $$30$ and asked for replenishment. Cash was $$117$ in the fund. At the same time, $9$A Company decided to decrease the fund to $$180.$

Answer rating: 100% (QA)

Lets organize this into journal entries First well denote the accounts as follows PCF Petty Cash Fun... View the full answer