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Austin Company established a petty cash fund by issulng a check for $270 and appointing Steve Mack as petty cash custodian. Mack had vouchers for
Austin Company established a petty cash fund by issulng a check for $270 and appointing Steve Mack as petty cash custodian. Mack had vouchers for the following petty cash payments during the month. There was $17 of currency in the petty cash box at the time it was replenished. The four distinct accounting events affecting the petty cash fund for the perlod were (1) establishment of the fund, (2) relmbursements made to employees, (3) recognition of expenses, and (4) replenishment of the fund. Assume the company uses a traditional approach to petty cash expense recognition and replenishment. Problem 6-24A (Algo) Part a ?equlred 1. Prepare all general journal entrles necessary to (1) establish the fund, (2) relmburse employees, (3) recognize the expenses and eplenish the fund. (If no entry Is required for a transaction/event, select "No journal entry requlred" In the flrst account fleld.) Journal entry worksheet Note: Enter debits betore credits
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