Question: plz help Ivanhoe Ltd. designated Alexa Kidd as petty cash custodian and established a petty cash fund of $400. The fund was reimbursed when the
Ivanhoe Ltd. designated Alexa Kidd as petty cash custodian and established a petty cash fund of $400. The fund was reimbursed when the cash in the fund was at \$55. Petty cash receipts show that funds were disbursed for $174 of supplies and $167 of freight charges on inventory purchases. Ivanhoe uses a perpetual inventory system and records supplies purchased to an asset account. Prepare journal entries Ior the establishment of the fund and the reimbursement. (Credit account tities are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.)
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