Problem 2 The transactions related to the petty cash fund of Colt Company for the year 2020 are as follows: On November _, 20zu a petty cash fund was set up in the amount of r4,200 On November 26 20zu, a check was issued to replenish the fund the composition of hic: is as follows: Currency buls and coins, + 324 Voucher. showing e - penditures for: Office supplies, P /1 Charges from purchased on raw materials ,freight in), P457 Repairs and maintenance, P1, 099 Miscellaneous expense, P1,583 On December 12, 2020, the fund was repienished and correspondingly increased to P5,800; its composition included the following Currency - buls and coins, P406 Vouchers showing expenditures for: I CI ccounts payable, P1, 642 Wages paid to casual employees, Py70 Miscellaneous expense, P1,151 The petty cash fund was not yet replenished on December 31, 2020, and the count of the fund reveals the following Currency - bills and coins, P593 Vouchers showing expenditures for: Transportation expense, P728 Accounts payable, P1,249 Wages paid to casual employees, P435 _tore supplies, P969 Miscellaneous expense, P1,827 Requirement. Prepare the journal entries for each transaction related to petty cash fund under imprest system. What is the cash shortage or overage for the year 2020? Answer Debit Credit Esta' lishment of P _F