Question
Laboriuios 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.
Laboriuios 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 2000, Postage 1000 , Supplies 3000, Transportation 2,500, Miscellaneous expense 1,500 . June 30 :The fund was not replenished The fund is composed of the following: Currency and coin 6000, Supplies 2000, Postage 1000, Transportation 1000. July 15 The fund is replenished and increased to P15.000. Currency and coin 3000, Supplies 3600, Postage 1500 , Transportation 1000, Miscellaneous expense 500 Required: Prepare the journal entries to record the transactions under imprest fund system and fluctuation fund system.
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