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Dandarion company is a large company that deals with lots of receipts and disbursements during each day. All cash collections and disbursements are managed by
Dandarion company is a large company that deals with lots of receipts and disbursements during each day. All cash collections and disbursements are managed by different control tools, but as for small disbursements, a petty cash system is used. The company decided to establish a petty cash fund on the beginning of 2020 with $2,450 given to the custodian at 1.1.2020. The company usually replenish the fund twice a year (at the end of June and at year end) - At the end of June, the fund had only 150s and the following receipts were enclosed with the Replenishing request: Stamps and postal charges $1,030 Fright out Entertainment charges Travel charges $750 $450 $170 - At the end of December, the fund had only 1905 and the following receipts were enclosed with the Replenishing request: Stamps and postal charges $1,650 Fright out OEntertainment charges Travel charges $90 $75 $35 - at the beginning of 2021 the company decided to increase the fund by 25% Required: prepare all required journal entries
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