Velez, Inc. decided to establish a petty cash fund to help ensure internal control over its small cash expenditures. The following information is available for the month of April.1. On April 1, it established a petty cash fund in the amount of $1,000.2. A summary of the petty cash expenditures made by the petty cash custodian as of April 10 is as follows.Delivery charges paid on merchandise purchased …. $300.00Supplies purchased and used ………… 125.00Postage expense …………….. 165.00I.O.U. from employees …………… 85.00Miscellaneous expense …………… 180.00The petty cash fund was replenished on April 10. The balance in the fund was $135.3. The petty cash fund balance was increased $500 to $1,500 on April 20.InstructionsPrepare the journal entries to record transactions related to petty cash for the month of April.View Solution:
Velez Inc decided to establish a petty cash fund to



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