Question: Accounting for petty cash Christine's Dance Studio created a $370 imprest petty cash fund. During the month, the fund custodian authorized and signed petty cash tickets as follows:
Requirements: 1. Make the general journal entry to create the petty cash fund. Include an explanation.
2. Make the general journal entry to record the petty cash fund replenishment. Cash in the fund totals $155. Include an explanation.
3. Assume that Christine's Dance Studio decides to decrease the petty cash fund to $240. Make the general journal entry to record this decrease.