Beginning January 2022, small expenditures. The following transactions took place during the month: MA Enterprise has established a petty cash fund for its Date Transactions 2 Jan. Established a RM300 petty cash fund with cash withdrawn from the company's current account. 31 Jan. The petty cash fund has RM12 remaining and is replenished. Expenditures during the month were RM80 for freight-in, RM65 (meals), RM40 (postage), RM75 (amenities) and RM25 (parking).

Beginning January 2022, small expenditures. The following transactions took place during the month: MA Enterprise has established a petty cash fund for its Date Transactions 2 Jan. Established a RM300 petty cash fund with cash withdrawn from the company's current account. 31 Jan. The petty cash fund has RM12 remaining and is replenished. Expenditures during the month were RM80 for freight-in, RM65 (meals), RM40 (postage), RM75 (amenities) and RM25 (parking).

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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E9B. A small company maintains a petty cash fund for minor expenditures. In June and July 2014, the following transactions took place: a. The fund was established in the amount of $100.00 on June 1 from the proceeds of check no. 2707. b. On June 30, the petty cash fund had cash of $15.46 and the following receipts on hand: postage, $40.00; supplies, $24.94; delivery service, $12.40; and rubber stamp, $7.20. Check no. 2778 was drawn to replenish the fund. c. On July 31, the petty cash fund had cash of $22.06 and these receipts on hand: post- age, $34.20; supplies, $32.84; and delivery service, $6.40. The petty cash custodian could not account for the shortage. Check no. 2847 was drawn to replenish the fund. Prepare the journal entries necessary to record each transaction.