Question

Ivanhoe Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August.

Aug.  1		Established the petty cash fund by writing a check payable to the petty cash custodian for $230.00.
15		Replenished the petty cash fund by writing a check for $190.00. On this date, the fund consisted of $40.00 in cash and these petty cash receipts: freight-out $59.40, entertainment expense $21.00, postage expense $18.70 and miscellaneous expense $87.50.
16		Increased the amount of the petty cash fund to $430.00 by writing a check for $200.00.
31		Replenished the petty cash fund by writing a check for $298.00. On this date, the fund consisted of $132.00 in cash and these petty cash receipts: postage expense $131.00, entertainment expense $119.60, and freight-out $46.40.

1.Journalize the petty cash transactions.

2.Post to the Petty Cash account

Answer 1