70.2K

Verified Solution

Link Copied!

Hi Chegg please provide a step by step solution

Pat Wright is the custodian for the $150 petty cash fund that was established on May 01, 2020. She noticed that people were using the fund frequently and by May 15 there was only $40 left. Pat wanted to replenish the fund but shes a little unclear on the process. She asked for your help and provided you with a summary of the receipts for the month. While helping Pat, you also make a note to talk to the Finance Manager on May 20 about increasing the fund to $250

Date	Employee	Amount ($)	Charge To
May 02	Jonah Clubb	14.57	Office Supplies
May 03	Lou Zinfunds	13.15	Miscellaneous
May 05	Iona Carr	21.45	Mileage
May 09	Sue Yu	26.90	Legal
May 11	Ahmeta Mess	19.59	Maintenance
May 13	Otto Shippett	14.24	Postage

Using the journal on the next page, please record the following 3 activities relating to the petty cash account in May, 2020.

1. Established the petty cash fund on May 01
2. Replenished the fund on May 15
3. Increased the petty cash fund to $250 on May 24 Include a date and comment with every transaction Assume no HST was charged

4. Date	Account/Description	PR	Debit	Credit
   2020

Answer & Explanation Solved by verified expert

See Answer