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Shasta Company, on November 1 decides to establish a petty cash fund in the amount of $270. (a) Prepare the journal entry to establish this
Shasta Company, on November 1 decides to establish a petty cash fund in the amount of $270. (a) Prepare the journal entry to establish this petty cash fund. (b) On November 15, Shasta has the following petty cash fund receipts for: mail and postage for $65.50, contributions and donations of $50.50, and meals and entertainment of $136.00. Also found is $19.50 in cash. Prepare the journal entries to replenish the petty cash fund. (c) On November 22, Shasta decides to increase petty cash to $350.0o. Prepare the journal entry to record this transaction
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