Question
On August 1, 2022, Waialae Ventures established a $350 petty cash fund. At the end of August, the petty cash fund contained: - Cash on
On August 1, 2022, Waialae Ventures established a $350 petty cash fund. At the end of August, the petty cash fund contained: - Cash on hand $65.25 - Petty cash tickets for postage $95.50 office supplies 94.50 miscellaneous items 99.25 a) Prepare the journal entry to establish the petty cash fund on August 1, 2022. b) Prepare the journal entry on August 31, 2022, to replenish the petty cash fund. c) Assume on August 31, 2022, after replenishing the petty cash fund, Waialae Ventures desires to increase the petty cash fund to $400. Prepare the necessary journal entry. Omit Explanations
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