Question
On June 1, 2018, Michelle, the owner of a departmental store, decided to establish a petty cash fund for the office. A cheque of $450
On June 1, 2018, Michelle, the owner of a departmental store, decided to establish a petty cash fund for the office. A cheque of $450 was issued and cashed. The $450 cash was given to the office manager who was to act as the petty cashier. He decided that the petty cash fund should be replenished when the balance in the cash box reached $100. 1. Record the establishment of the petty cash fund on June 1. 2. On June 25th, the balance in the petty cash account was $100. A summary of the expenses was prepared: Delivery Expense Office Supplies Expense $68 10 Miscellaneous Expense 264 Postage Expense 47 $349 Total Prepare the journal entry to replenish the petty cash fund. 3. On June 30, with input from the petty cashier, management decided to increase the amount of the petty cash fund from $450 to $500. A cheque for $50 was issued. Record the transaction
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