Petty cash
Response to the following problem:
The following petty cash transactions of Grayson Gaming Supplies occurred in March:
Mar 1, Established a petty cash fund with a $1500 balance.
The petty cash fund has $40 in cash and $1480 in petty cash tickets that were issued to pay for Office supplies ($580) and Entertainment expense ($900).
Required:
a. Prepare journal entries to establish petty cash fund.
b. Prepare journal entries to replenish petty cash fund.