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Question 11 (10 points) Prepare the necessary entries for petty cash: a. Company establishes a petty cash fund of $500. b. Co

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Answer #1
Journal Entries
Particulars Debit Credit
a) Petty Cash $ 500.00
To Cash $ 500.00
b) Supplies Expense $   50.00
Meals Expense $   25.00
Delivery Expense $   10.00
Cash short and over (bal. fig) $   20.00
To Cash $ 105.00
c) Petty Cash $   50.00
To Cash $   50.00
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