Explore BrainMass

Explore BrainMass

    Petty cash fund

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    Finman Company designated Jill Holland as petty cash custodian and established a petty cash fund of $200. The fund is reimbursed when the cash in the fund is at $15. Petty cash receipts indicate funds were dispursed for office supplies $94 and miscellaneous expense $87. Prepare journal entries for the establishment of the fund and the reimbursement.

    © BrainMass Inc. brainmass.com June 3, 2020, 11:46 pm ad1c9bdddf

    Solution Preview

    The entry to set up the fund would transfer cash to petty cash. The entry is
    Petty Cash Dr 200
    Cash Cr 200

    When fund ...

    Solution Summary

    The solution explains the journal entries relating to petty cash fund.