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ABC Corporation maintains a petty cash fund for minor expenses. The petty cash account had an imprest balance of $500. The following transactions occurred in
ABC Corporation maintains a petty cash fund for minor expenses. The petty cash account had an imprest balance of $500. The following transactions occurred in January:
- Jan 5: Replenished petty cash, $350
- Jan 10: Office supplies purchased, $200
- Jan 15: Refreshments for office meeting, $50
- Jan 20: Taxi fare for client, $30
Replenish the petty cash fund and record the necessary journal entries.
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