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Hey I need help with this journal entry. I'm unsure if I did it right. 3. Z-Mart established a petty cash fund recently and the
Hey I need help with this journal entry. I'm unsure if I did it right.
3. Z-Mart established a petty cash fund recently and the following transactions affecting the fund occurred during February (8 points): Feb 1 5 8 18 20 25 Established a $250 petty cash fund. Paid $55 to replenish office supplies. Gave $30 to company controller for business lunch with customers. Paid S45 for postage. Paid S65 C.O.D. charges on merchandise purchased for sale. Paid $50 for janitorial services. When sorting the receipts in order to replenish the fund, the custodian noted that there was $245 in receipts and $10 in cash. Additionally, a decision was made to reduce the fund to $200. Prepare the journal entry to reimburse the fund and to reduce its sizeStep by Step Solution
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