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On October 1, 2020, Crespo Company establishes an imprest petty cash fund for $200. On October 20, 2020, the custodian submitted the following petty cash
On October 1, 2020, Crespo Company establishes an imprest petty cash fund for $200. On October 20, 2020, the custodian submitted the following petty cash receipts for replenishment of the petty cash fund when there is $47 cash in the fund: Freight-Out $27 Supplies Expense 35 Miscellaneous Expense 60 28 Postage Expense On October 31, the amount in the fund was decreased to $180. Required: Prepare the journal entries required to 1. Establish the petty cash fund on October 1. (10 points) 2. The replenishment of the fund on October 20. (20 points) 3. The decrease in the value of the petty cash fund on October 31. (10 points) Date Account Titles Oct-01 Oct-20 Oct-31 Debit Credit
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