Create a journal entries to both reimburse the fund

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Reference no: EM13123436

NetPerks Co. establishes a $190 petty cash fund on January 1. On January 8, the fund shows $91 in cash along with receipts for the following expenditures: postage, $44; transportation-in, $10; delivery expenses, $12; and miscellaneous expenses, $33. NetPerks uses the perpetual system in accounting for merchandise inventory.

1) Prepare journal entry to establish the fund on January 1.

2) Prepare journal entry to reimburse it on January 8

3) Prepare journal entries to both reimburse the fund and increase it to $240 on January 8, assuming no entry

Reference no: EM13123436

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