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Using the information below, determine the appropriate Petty Cash transactions. Be sure to show all supporting work and calculations. 01-Mar-20 Established Petty Cash Fund of
Using the information below, determine the appropriate Petty Cash transactions. Be sure to show all supporting work and calculations. 01-Mar-20 Established Petty Cash Fund of $200.00 by drawing funds from Business Bank Acct. Performed a month end count of the Petty Cash Box. The box contained the following: 31-Mar-20 Receipt for Office Supplies from Staples Receipt for Gasoline for Company Vehicle $71.22 $69.68 Cash Left in Box $61.95 Required: A) Prepare Journal Entry to establish Petty Cash Fund B) Prepare Journal Entry at March 31, 2020 to replenish the Petty Cash Box. Assume management decided to increase the petty cash float from $200 to $250 at the same time
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