On February 10, this year, the company established a $400 petty cash fund. We use perpetual...

Transcribed Image Text:

On February 10, this year, the company established a $400 petty cash fund. We use perpetual inventory system At the end of February, the petty cash fund contained: - Cash on hand $54.30 - Petty cash tickets for Transportation In $115.32 Office supplies 74.24 Coffee supplies 26.52 Computer paper 99.25 Lunch for meeting 28.46 Part A: Prepare the journal entry to establish the petty cash fund on February 10 Part B: Prepare the journal entry, at the end of February, to replenish the petty cash fund. Part C: Prepare the journal entry to increase the petty cash by $50 to be $450 now. On February 10, this year, the company established a $400 petty cash fund. We use perpetual inventory system At the end of February, the petty cash fund contained: - Cash on hand $54.30 - Petty cash tickets for Transportation In $115.32 Office supplies 74.24 Coffee supplies 26.52 Computer paper 99.25 Lunch for meeting 28.46 Part A: Prepare the journal entry to establish the petty cash fund on February 10 Part B: Prepare the journal entry, at the end of February, to replenish the petty cash fund. Part C: Prepare the journal entry to increase the petty cash by $50 to be $450 now.

Answer rating: 100% (QA)

Part A To establish the petty cash fund on February 10 Debit Petty Cas... View the full answer