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Delta Company has established a petty cash fund for small expenditures. Prepare entries for the following transactions. (Omit explanations.) 5-Jun Established a $200 petty cash
Delta Company has established a petty cash fund for small expenditures. Prepare entries for the following transactions. (Omit explanations.) 5-Jun Established a $200 petty cash fund with cash withdrawn from company checking account. 15-Jun The petty cash fund has $20 remaining and needs to be replenished. Expenditures for July were $55 for postage, $40 for meals, $56 for supplies, and $25 for freight-in. 15-Jun Due to the quick utilization of petty cash, management increased the petty cash limit increased from $200 to $300
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