Monochrome Printers established a $500 petty cash imprest fund at the beginning of the year. During the year, the following expenditures were paid from the petty cash fund:
$$\begin{array} { | l | r| }
\hline \text { Postage } & \$ 200 \
\hline \text { Parking and Tolls } & 250 \
\hline \text { Supplies } & 30 \
\hline
\end{array}$$
At the end of the year, there was $10 remaining in the fund. Prepare the journal entries to record the current year's activity in the petty cash fund including the establishment of the fund and the expenses of the fund.

Question

Monochrome Printers established a $500 petty cash imprest fund at the beginning of the year. During the year, the following expenditures were paid from the petty cash fund:
 $$\begin{array} { | l | r| } 
\hline \text { Postage } & \$ 200 \
\hline \text { Parking and Tolls } & 250 \
\hline \text { Supplies } & 30 \
\hline
\end{array}$$
 At the end of the year, there was $10 remaining in the fund. Prepare the journal entries to record the current year's activity in the petty cash fund including the establishment of the fund and the expenses of the fund.

Quizplus · Accepted Answer

The Answer of Monochrome Printers established a $500 petty cash imprest fund at the beginning of the year. During the year, the following expenditures were paid from the petty cash fund:
 $$\begin{array} { | l | r| } 
\hline \text { Postage } & \$ 200 \
\hline \text { Parking and Tolls } & 250 \
\hline \text { Supplies } & 30 \
\hline
\end{array}$$
 At the end of the year, there was $10 remaining in the fund. Prepare the journal entries to record the current year's activity in the petty cash fund including the establishment of the fund and the expenses of the fund.

Monochrome Printers Established a $500 Petty Cash Imprest Fund at the Beginning