Question

Current Attempt in Progress Ivanhoe, 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 $252. 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 $73 Supplies purchased and used 38 Postage expense 1.O.U. from employees Miscellaneous expense The petty cash fund was replenished on April 10. The balance in the fund was $11. 3. The petty cash fund balance was increased $113 to $365 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 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation

how can I solve these two questions?

Answer 1

1 April Petty Cash A/c Dr $252

To Cash A/c $252

10 April Transportation Expense Dr 73

Miscellaneous Expense Dr 49

Postage Expense Dr 46

Supplies Expense Dr 38

Receivable Employee Dr 30

Cash over and Short Dr 5

Cash 241

20 April Petty Cash Dr 113

Cash 113