Asked by Svetlana Stetsenko on Jun 20, 2024
Verified
A company established a petty cash fund in February of the current year and experienced the following transactions affecting the fund during February:
Prepare the journal entries to establish the find, reimburse the fund and to reduce its amount on February 28.
Petty Cash Fund
A small amount of cash kept on hand for minor and incidental expenses.
- Gain an understanding of setting up, refilling, and adjusting small cash holdings.
Verified Answer
AR
Learning Objectives
- Gain an understanding of setting up, refilling, and adjusting small cash holdings.