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Summer LLP decided to establish a petty cash fund. 1) On May 1, Summer established a petty cash fund in the amount of $200. 2)

Summer LLP decided to establish a petty cash fund.

1) On May 1, Summer established a petty cash fund in the amount of $200.

2) A summary of the petty cash expenditures as of May 10 is as follows:

Delivery charges paid on merchandise purchased $60

Supplies purchased and used 25

Postage expense 40

I.O.U. from employee 17

Miscellaneous expense 36

The petty cash fund was replenished on May 10. The balance in the fund was $12.

3) The petty cash fund balance was increased $100 to $300 on May 20.

Prepare the journal entries to record the transactions related to petty cash for the month of May.

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