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Carolyn Keene, Inc. decided to establish a petty cash fund to help ensure internal control over its small cash expenditures. The following information is available
Carolyn Keene, Inc. decided to establish a petty cash fund to help ensure internal control over its small cash expenditures. The following information is available for the month of April. 1. On April 1, it established a petty cash fund in the amount of $200. 2. A summary of the petty cash expenditures made by the petty cash custodian as of April 10 is as follows. $60 25 Delivery charges paid on merchandise purchased Supplies purchased and used Postage expense I.O.U. from employees Miscellaneous expense 33 17 36 The petty cash fund was replenished on April 10. The balance in the fund was $27. 3. The petty cash fund balance was increased by $100 to $300 on April 20. Date Account Titles and Explanation Debit Credit April 1 Petty Cash Cash 200 Freight-In (or Inventory) Supplies Expenses Postage Expense oldbund II. Miscellaneous Expenses Cash Over and Short Cash 249 April 20 | Petty Cash 112 112 Click if you would like to Show Work for this question: Open Show Work
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