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Matt's Machine Shop manufactures high precision parts for military aircraft. All expenditures are generally paid...

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Accounting

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Matt's Machine Shop manufactures high precision parts for military aircraft. All expenditures are generally paid using the cash disbursements system; however, Matt has decided to set up a petty cash fund of $200 for incidental expenses. Record the appropriate journal entries, or indicate that no journal entry is required for each of the following petty cash transactions: a.) June 1 Obtain $200 from the bank to set up petty cash fund. b.) June 5 Used $50 from petty cash to pay FedEx for an urgent outgoing package. c.) June 7 Used $120 from petty cash for food delivered to provide dinner for employees working late to complete an important job. d.) June 15 Replenish petty cash fund. There was $20 remaining in the petty cash box. e.) June 25 Used Petty cash to pay $70 to FedEx for another urgent outgoing package. Used $78 from petty cash to purchase repair parts from Home Depot. f.) June 30 Replenish petty cash fund. There was $30 remaining in the petty cash box. g.) July 1 Matt has decided to increase the amount in Petty cash from $200 to $300, therefore, $100 was obtained from the bank and placed in the petty cash box. 7 points

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