Cushenberry Company maintains a petty cash fund for small expenditures. The following transactions occurred over a 2-month period.

Instructions

(a) Journalize the petty cash transactions.

(b) Post to the Petty Cash account.

(c) What internal control features exist in a petty cash fund?

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July 1 Established petty cash fund by writing a check on Landmark Bank for $200. 15 Replenished the petty cash fund by writing a check for $194.30. On this date the fund con- sisted of $5.70 in cash and the following petty cash receipts: freight-out $94.00, postage ex- pense $42.40, entertainment expense $45.90, and miscellaneous expense $10.70. 31 Replenished the petty cash fund by writing a check for $192.00. At this date, the fund con- sisted of $8.00 in cash and the following petty cash receipts: freight-out $82.10, charitable contributions expense $30.00, postage expense $47.80, and miscellaneous expense $32.10. Aug. 15 Replenished the petty cash fund by writing a check for $188.00. On this date, the fund consisted of $12.00 in cash and the following petty cash receipts: freight-out $74.40, en- tertainment expense $41.50, postage expense $33.00, and miscellaneous expense $36.00. 31 16 Increased the amount of the petty cash fund to $300 by writing a check for $100. Replenished petty cash fund by writing a check for $283.00. On this date, the fund con- sisted of $17 in cash and the following petty cash receipts: postage expense $145.00, en- tertainment expense $90.60, and freight-out $46.00.