Jennitt Inc. established a petty cash fund for $400 on May 1, 2011. By the end of the month, the petty cash custodian requested reimbursement of $322 for the following expenditures from the fund:
Record the entry to establish Jennitt's petty cash fund, then record the entry to recognize expenses paid from the fund as of the end of May and increase the fund balance to $500.

Question

Jennitt Inc. established a petty cash fund for $400 on May 1, 2011. By the end of the month, the petty cash custodian requested reimbursement of $322 for the following expenditures from the fund:
  Record the entry to establish Jennitt's petty cash fund, then record the entry to recognize expenses paid from the fund as of the end of May and increase the fund balance to $500.

Quizplus · Accepted Answer

The Answer of Jennitt Inc. established a petty cash fund for $400 on May 1, 2011. By the end of the month, the petty cash custodian requested reimbursement of $322 for the following expenditures from the fund:
  Record the entry to establish Jennitt's petty cash fund, then record the entry to recognize expenses paid from the fund as of the end of May and increase the fund balance to $500.