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Prepare the journal entries to record transactions

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Question - Nash, Inc. decided to establish a petty cash fund to help ensure internal control over its small cash expenditures. The following information is available for the month of April.

1. On April 1, it established a petty cash fund in the amount of $264.

2. A summary of the petty cash expenditures made by the petty cash custodian as of April 10 is as follows.

Delivery charges paid on merchandise purchased $75 Supplies purchased and used 40 Postage expense 48I.O.U. from employees 32 Miscellaneous expense 51.

The petty cash fund was replenished on April 10. The balance in the fund was $15.

3. The petty cash fund balance was increased $115 to $379 on April 20.

Required - Prepare the journal entries to record transactions related to petty cash for the month of April.

Reference no: EM132489290

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