On May 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,500. Prepare journal entries for the following transactions:

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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4. On May 2 Kellie Company has decided to initiate a petty cash fund in the amount of
$1,500. Prepare journal entries for the following transactions:
A. On July 5, the petty cash fund needed replenishment, and the following are the receipts:
Auto Expense $125, Supplies $368, Postage Expense $325, Repairs and Maintenance
Expense $99, Miscellaneous Expense $259. The cash on hand at this time was $14.
B. On June 30, the petty cash fund needed replenishment as it was month-end. The
following are the receipts: Auto Expense $114, Supplies $75, Postage Expense $50, Repairs
and Maintenance Expense $121, Miscellaneous Expense $39. The cash on hand at this time
Transcribed Image Text:4. On May 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,500. Prepare journal entries for the following transactions: A. On July 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $125, Supplies $368, Postage Expense $325, Repairs and Maintenance Expense $99, Miscellaneous Expense $259. The cash on hand at this time was $14. B. On June 30, the petty cash fund needed replenishment as it was month-end. The following are the receipts: Auto Expense $114, Supplies $75, Postage Expense $50, Repairs and Maintenance Expense $121, Miscellaneous Expense $39. The cash on hand at this time
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