Bulyea Boxes uses a petty cash imprest system. The fund was established on February 14 with a balance of $150. On February 28, there were $5 cash and the following petty cash receipts in the petty cash box:

Instructions
(a) Record the journal entry on February 14 to establish the petty cash fund.
(b) Record the journal entry on February 28 to replenish the fund and increase the balance to $175?

Transcribed Image Text:

Date Receipt No. For Feb. 15 18 20 21 Supplies Miscellaneous expense Freight in (assume perpetual inventory system) Supplies Delivery charges on outgoing freight Supplies Amount $15 10 45 20 25 35 27