Answer Happy

5 Requirement #2 - Prepare journal entries for the following transactions related to Petty Cash Jan 1. ABC Company decides to set up a Petty Cash Fund for $600. Prepare the journal entry to set up the fund Jan 20. ABC Company needs to replenish the Petty Cash Fund. The receipts in the drawer for monies spent include $100 for gas, 550 for stamps. $125 for employee luncheon, $225 for miscellaneous expense. The cash on hand was $112. Prepare the entry to replenish the fund. Feb 5. ABC Company decides to decrease the Petty Cash fund by $100 (fund will be $500 after JE). Prepare the foumal entry to decrease the fund balance