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    jackveg Posts: 1, Reputation: 1
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    Jan 25, 2007, 07:49 AM
    Journalizing petty cash
    The company established a pettty cash fund from can withdrawn from its checking account. The entries must be journalized. Here is an example:

    May 1------Petty cash established at $100.

    May 28-----The petty cash fund has $25 remaining and is replenished. Expenditures from the fund for July were: $40 office supplies, $20 postage, and $15 misc.

    June 30-----The petty cash fund has $35 remaining and is replenished. Expenditure from the fund for June were: $30 office supplies, $25 postage, and $10 misc.

    The question is: Do I Journal May and June on the same ledger or should it be separated (on another ledger)? Also, do I show the petty cash of $100 on both ledgers if it is separated?

    Need emergency answer please!:o

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