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What is Petty Cash Fund Establishment and Management about?

Shawnee Co. established a $250 petty cash fund on May 1. On May 15, expenditures totaling $242.33 depleted the fund, so it was replenished. On May 16, the fund was increased to $450. By May 31, expenditures of $186.11 left $293.39 in the fund, so it was again replenished, though the balance was later reduced to $400. Journal entries are required to record the transactions and replenishments on May 1, 15, and 31, as well as the increase and subsequent decrease on May 16 and 31. If the fund is not replenished

Author

Amit Pandey

Language

EN