Introduction to Accounting

Problem # 2 Petty Cash:

The Stephanie Company has established a petty cash fund for small expenditures. The following transactions have occurred:

June 5 Established a $200 petty cash fund with cash withdrawn from the company checking account.

June 30 The petty cash fund has a $10 balance in the cash box; the expenditures for June are as follows:

Supplies $60

Lunches and Coffee $50

Postage. $65

Freight-In $20

REQUIRED:

Record the journal entries for the above transaction. (Omit Explanations)