Question
Setterstrom Company established a petty cash fund on May 1, cashing a check for $110. The company reimbursed the fund on June 1 and July
Setterstrom Company established a petty cash fund on May 1, cashing a check for $110. The company reimbursed the fund on June 1 and July 1 with the following results. June 1: Cash in fund $3.30. Receipts: delivery expense $27.80, postage expense $38.20, and miscellaneous expense $38.60. July 1: Cash in fund $3.90. Receipts: delivery expense $21.85, entertainment expense $52.05, and miscellaneous expense $32.20. On July 10, Setterstrom increased the fund from $110 to $140. Prepare journal entries for Setterstrom Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 52.75.)
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