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Suppose that on June 1, Fab Gyrations, a disc jockey service, creates a petty cash fund with an imprest balance of $300. During June,
Suppose that on June 1, Fab Gyrations, a disc jockey service, creates a petty cash fund with an imprest balance of $300. During June, Sunny Lewis, fund custodian, signs them following petty cash tickets: (Click the icon to view the petty cash Sickets) On June 30. prior to replenishment, the fund contains these tickets plus cash of $165. The accounts affected by petty cash payments are Office Supplies, Entertainment Expens and Postage Expense. Read the requirements Requirement 1. On June 30, how much cash should this petty cash fund hold before it's replenished? Before replenishment, the petty Lash fund should hold cash of Requirement 2. Journalize all required entries to (a) create the fund and (b) replenish it include explanations (Record debits first then credits Select the explanation on the last tine of the journal entry table) Journalize the creation of the fund Date Jun 1 Accounts and Explanation Debit Credit
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