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The balance in the petty cash fund is $238. Receipts for items paid out of petty cash include the following: $145 for office supplies, $87
The balance in the petty cash fund is $238. Receipts for items paid out of petty cash include the following: $145 for office supplies, $87 for FedEx shipping costs, $23 for a staff pizza party (approved by the owner). At this point all of the office supplies have been used and the petty cash fund needs to be replenished. As of Dec 31, 2021 Petty Cash has 500 debit balance.
Prepare end of year adjusting entries, corrections, and any other necessary entries necessary to prepare accurate financial statements.
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