On june 30 the petty cash fund had cash of 1546 and the

Reference no: EM13604573

Petty Cash Transactions

A small company maintains a petty cash fund for minor expenditures. In June and July 2011, the following transactions took place:

1. The fund was established in the amount of $100.00 on June 1 from the proceeds of check no. 2707.

2. On June 30, the petty cash fund had cash of $15.46 and the following receipts on hand: postage, $40.00; supplies, $24.94; delivery service, $12.40; and rubber stamp, $7.20. Check no. 2778 was drawn to replenish the fund.

3. On July 31, the petty cash fund had cash of $22.06 and these receipts on hand: postage, $34.20; supplies, $32.84; and delivery service, $6.40. The petty cash custodian could not account for the shortage. Check no. 2847 was drawn to replenish the fund.

Prepare entries in journal form necessary to record each transaction.

Reference no: EM13604573

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