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Equipment World established a $500 petty cash fund on July 1. During the month of July, petty cash was issued in exchange for the following
Equipment World established a $500 petty cash fund on July 1. During the month of July, petty cash was issued in exchange for the following receipts:
July 2
Supplies
$65
July 10
Postage expense
52
July 17
Freight out
125
July 25
Advertising expense
47
July 28
Meals expense
70
On July 31, the cash is counted and the balance remaining is found to be $136. A cheque is issued to replenish the fund.
Instructions
Prepare the necessary journal entries for July 1 and July 31.
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