Question: Hi Chegg please provide a step by step solution Pat Wright is the custodian for the $150 petty cash fund that was established on May

Hi Chegg please provide a step by step solution

Pat Wright is the custodian for the $150 petty cash fund that was established on May 01, 2020. She noticed that people were using the fund frequently and by May 15 there was only $40 left. Pat wanted to replenish the fund but shes a little unclear on the process. She asked for your help and provided you with a summary of the receipts for the month. While helping Pat, you also make a note to talk to the Finance Manager on May 20 about increasing the fund to $250

Date

Employee

Amount ($)

Charge To

May 02

Jonah Clubb

14.57

Office Supplies

May 03

Lou Zinfunds

13.15

Miscellaneous

May 05

Iona Carr

21.45

Mileage

May 09

Sue Yu

26.90

Legal

May 11

Ahmeta Mess

19.59

Maintenance

May 13

Otto Shippett

14.24

Postage

Using the journal on the next page, please record the following 3 activities relating to the petty cash account in May, 2020.

  1. Established the petty cash fund on May 01
  2. Replenished the fund on May 15
  3. Increased the petty cash fund to $250 on May 24 Include a date and comment with every transaction Assume no HST was charged
  4. Date

    Account/Description

    PR

    Debit

    Credit

    2020

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