Prepare journal entries for the following petty cash transactions of Bob's Lawn Service:
1) Established a $200 petty cash fund
Journal Entry
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DATE
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ACCOUNTS AND EXPLANATIONS
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POST.
REF.
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DEBIT
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CREDIT
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Nov
|
14
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Petty Cash
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200.00
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|
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Nov
|
14
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Petty Cash
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|
|
200.00
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2) Replenish the petty cash fund. The fund contained the following: $77 in cash, receipts for $45 in lawn supplies purchased, receipts for $11 in fuel costs purchased, and a $17 receipt for entertainment expenses
Journal Entry
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DATE
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ACCOUNTS AND EXPLANATIONS
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POST.
REF.
|
DEBIT
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CREDIT
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|
|
|
Cash
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|
|
77.00
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|
|
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Lawn Supplies
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45.00
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|
|
|
|
Fuel
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11.00
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|
|
|
|
Entertainment
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|
17.00
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|
|
|
|
Cash
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|
|
73.00
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|
|
|
|
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