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Question 2 Lang Company completed the following petty cash transactions during April 2018 Date Receipt #...

Question 2

Lang Company completed the following petty cash transactions during April 2018

Date Receipt # For Amount
Apr 10 Cheque to establish Petty Cash Fund $100
Apr 15 1 Paid courier, to deliver goods sold to a customer $14.10
Apr 17 2 Freight for inventory purchased(Perpetual system) $28.90
Apr 19 3 Receipt from Staples for paper $11.45
Apr 21 4 Receipt from Petro Canada $38.00
Apr 24 5 Postage $5.55
Apr 25 Fund counted, funds remaining $4.00

Required:

1. Prepare a journal entry to record the establishing the petty cash fund.
2. Prepare a journal entry to record the reimbursement and increase of the fund to $125. (from $100 to $125) 3. Now assume, the Part 2 did not happen and the fund decreased from $100 to $75, prepare a journal entry to record the reimbursement and decrease of the fund

Note: Parts 2 and 3 are not related.

Business   Accounting   
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