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ABC Corporation has a petty cash fund with an imprest balance of P10,000. The transactions and details regarding the petty cash fund for the month
ABC Corporation has a petty cash fund with an imprest balance of P10,000. The transactions and details regarding the petty cash fund for the month of February are as follows: Feb. 1 The petty cash fund consists of P570 in bills and coins, P6,500 replenishment check, and P2,930 in paid vouchers representing transportation expense of salesmen. Feb. 9 Disbursed P4,500 for supplies. Feb. 18 Disbursed P1.000 for transportation of officers. Feb. 28 Disbursed P500 for miscellaneous expenses. Feb. 28 Replenished the petty cash fund to the imprest balance. If ABC uses the fluctuating fund balance method of accounting for petty cash, what should the journal entry be for Feb. 28
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