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Prepare the entries that are necessary to record

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Crane Company designated Alexa Kidd as petty cash custodian and established a petty cash fund of $390. The fund is reimbursed when the cash in the fund is at $61. Petty cash receipts shows that funds were disbursed for $160 of supplies and $166 of freight charges on inventory purchases.

Problem 1: Prepare the entries that are necessary to record following independent transactions.

a) Assume that Crane decides to increase the size of the petty cash fund to $620 immediately after the reimbursement.

b) Assume that Crane decides to reduce the size of the petty cash to $240 immediately after the reimbursement

Reference no: EM132678733

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