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Laborious Company closed the accounts on June 30. The entity provided the following transactions: May 2 The entity established an imprest fund of P10,000 29
Laborious Company closed the accounts on June 30. The entity provided the following transactions: May 2 The entity established an imprest fund of P10,000 29 The fund is replenished. The petty cash items include: Currency and coin 2,000 Postage 1.000 Supplies 3,000 Transportation 2.500 Miscellaneous expense 1,500 June 30 The fund was not replenished. The fund is composed of the following: Currency and coin 6.000 Supplies 2,000 Postage 1,000 Transportation 1.000 July 15 The fund is replenished and increased to P15,000 Currency and coin 3,000 Supplies 3,500 Postage 1,000 Transportation 1.500 Miscellaneous expense 500 Required: Prepare journal entries to record the transactions under imprest fund system and fluctuating fund system
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