On January 1,2016,Whitecastle Company Established a Petty Cash Fund for $250.On

On January 1,2016,Whitecastle Company established a petty cash fund for $250.On January 31,2016,when the petty cash fund was replenished,it contained $70.40 in cash and petty cash receipts for: postage expense,$49.60;office supplies,$62;entertainment expense,$64.21
Required: a)Prepare the journal entry to establish the petty cash fund.
b)Assuming that Warren treats all disbursements from petty cash as miscellaneous expenses,prepare the journal entry to replenish the fund on January 31.

Correct Answer:

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Access For Free