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Question for QURESHI LIMITED: ...

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Accounting

Question for QURESHI LIMITED:
Petty Cash was established with a balance of $200. At the end of the month,
the petty cash box had the following receipts and cash:
Cash float 27.5
Postage 64
Transportation -in 19
Supplies expense 36.5
Withdrawal by Owner - Qureshi Ltd 53
Prepare the following journal entries, assuming they use a perpetual system:
1. Establish the petty cash fund
2. If this was not recorded, would net income be over or understated?

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