A company established a petty cash fund in February of the current year and experienced the following transactions affecting the fund during February:
Feb 1 Established a $250 petty cash fund.
5 Paid $55 to acquire office supplies.
8 Reimbursed the company controller for $30 spent on beverages for recruits
18 Paid $45 for postage.
20 Paid $65 for
C.O.D.charges on merchandise inventory, terms FOB shipping
point.25 Paid $50 for janitorial services.28 When sorting the petty cash receipts to replenish the fund, the custodian noted
that there were receipts totaling $245 and $10 cash remaining.Also, a decision
was made to reduce the fund by $50 to a total of $200.Prepare the journal entries to establish the find, reimburse the fund and to reduce its amount on February 28.

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The Answer of A company established a petty cash fund in February of the current year and experienced the following transactions affecting the fund during February:
Feb 1 Established a $250 petty cash fund.
5 Paid $55 to acquire office supplies.
8 Reimbursed the company controller for $30 spent on beverages for recruits
18 Paid $45 for postage.
20 Paid $65 for
C.O.D.charges on merchandise inventory, terms FOB shipping
point.25 Paid $50 for janitorial services.28 When sorting the petty cash receipts to replenish the fund, the custodian noted
that there were receipts totaling $245 and $10 cash remaining.Also, a decision
was made to reduce the fund by $50 to a total of $200.Prepare the journal entries to establish the find, reimburse the fund and to reduce its amount on February 28.

A Company Established a Petty Cash Fund in February of the Current