Question: Help me please complete with clear explanation Problem 1-8 (IAA) Tacit Company provided the following transactions: 2022 Nov. 2 The entity established an imprest petty

Help me please complete with clear explanation

Help me please complete with clear explanation
Problem 1-8 (IAA) Tacit Company provided the following transactions: 2022 Nov. 2 The entity established an imprest petty cash fund of P10,000. 30 An examination of the cash fund disclosed: Currency and coin 3,000 Memoranda showing expenditures for: Postage 2,000 Supplies 5,000 A check was drawn to replenish the fund and to increase its amount to P20,000. Dec. 31 The fund was not replenished. Currency and coin 11,000 Memoranda showing expenditures for: Postage 3,000 Supplies 4,000 Deposit for 20 cases of softdrinks 2,000 2023 Jan. 2 The deposit for the 20 cases of softdrinks is collected. 31 A check was drawn to replenish the fund. Currency and coin 1,000 Postage stamps 500 Memoranda showing expenditures since November 30, 2022 for: Postage 5,000 Supplies 6,000 Payment of account 7,000 Required: Prepare journal entries to record the transactions

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