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