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Pina, Inc. decided to establish a petty cash fund to help ensure internal control over its small cash expenditures. The...

Pina, 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 $249.
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 $74
Supplies purchased and used 39
Postage expense 47
I.O.U. from employees 31
Miscellaneous expense 50


The petty cash fund was replenished on April 10. The balance in the fund was $2.

3. The petty cash fund balance was increased $114 to $363 on April 20.

Prepare the journal entries to record transactions related to petty cash for the month of April. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

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Answer #1
Date Account Debit Credit
April 1 Petty Cash $249
  Cash $249
April 10 Freight In(or Inventory) 74
Supplies expense 39
Postage expense 47
I.O.U. from employees 31
Miscellaneous expense 50
Cash over and short 6
   Cash (249-2) 247
April 20 Petty cash (363-114) 249
   Cash 249
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