Petty Cash Fund On January 2, 2008, Cleaver Video Stores decided to set up a petty cash fund. The… 1 answer below »

Petty Cash Fund On January 2, 2008, Cleaver Video Stores decided to set up a petty cash fund. The… 1 answer below »

Petty Cash Fund

On January 2, 2008, Cleaver Video Stores decided to set up a petty cash fund. The treasurer established

the fund by writing and cashing a $300 check and placing the coin and currency in a locked

petty cash drawer. Edward Haskell was designated as the custodian for the fund. During January, the following receipts were given to Haskell in exchange for cash from the fund:

A count of the cash in the drawer on January 31 revealed a balance of $74.10. The treasurer wrote and cashed a check on the same day to restore the fund to its original balance of $300. Prepare the necessary journal entries, with explanations, for January. Assume that all stamps and office supplies were used during the month.

 

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