Prepare the journal entry to record the reimbursement

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Reference no: EM132119593

Question - The petty cash fund of Tamarisk's Auto Repair Service, a sole proprietorship, contains the following:

Coins and currency		$18.50
An IOU from Bob Cunningham, an employee, for a cash advance		64.25
A cheque payable to Tamarisk's Auto Repair from Pat Webber, an employee, marked NSF		34.00
Receipts for the following:
Stamps	$21.25
Two NHL playoff tickets for Al Tamarisk	146.00
Delivery of merchandise to a customer	12.85	180.10
		$296.85

The general ledger account Petty Cash has a balance of $300.00.

Prepare the journal entry to record the reimbursement of the petty cash fund and reduce the fund to $200.00, using the same entry.

Reference no: EM132119593

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