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  3. priya. establish a $152 petty cash fund on january

Priya. Establish a $152 petty cash fund on January 1 2023. One week later, on...

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Accounting

Priya. Establish a $152 petty cash fund on January 1 2023. One week later, on January 8th, the fund contained $2963 in cash and receipt for these expenditures: postage $42.56 ; transportation-in $2736; store supplies, 33.19; and a withdrawal on $1926 by Priya , the owner. Priya uses the perpetual method to account of merchandise inventory.

1 prepare the journal entry to establish the fund on January 1

2 prepare summary of the petty cash payment and record the entry to reimburse the fund on January 8 .

3 record the journal entry to reimburse the fund

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