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Question
On April 3, Snappy Sales decides to establish a $135 petty cash fund to relieve the burden on Accounting.
a. Journalize the establishment of the fund.
b. On April 11, the petty cash fund has receipts for mail and postage of $32.75, contributions and donations of
$25.25, meals and entertainment of $68.00, and $9.75 in cash. Journalize the replenishment of the fund.
c. On April 12, Snappy Sales decides to increase petty cash to $175. Journalize this transaction.
Answer
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