Petty Cash

Petty cash is a small amount of discretionary funds in the form of cash used for expenditures where it is not sensible to make any disbursement by cheque,

Lets go back to SheGarLynn'S Dress Shop established a petty cash of  $500.00

The Journal entry was:

Petty Cash ...........................$500.00
    CAsh in Bank (BOA) .......................$500.00
To record the petty cash fund issued Jan. 15, 2007, check no. 1

The petty cash fund during that month was being paid the following date:

January 15, 2007 - Paid $15.00 to Marcelo Delivery, voucher no. 1
January 15, 2007 - Bought pencils and pens, cost $10.00, voucher no. 2
January 16. 2007 - Paid local newspaper of advertising, $20.00, voucher no. 3
January 16, 2007 - Paid postage on incoming packages, $5.90, voucher no. 4
January 17, 2007 - Shehla, the owner, borrow $100.00 for personal use, voucher no. 5
January 18, 2007 - Reimbursed employee for stamp, $50.00, voucher no. 6
January 19, 2007 - Bought ink for printer, $75.00, voucher no. 7
January 20, 2007 - Paid $10.00 to Belyn delivery service, voucher no. 8
January 21, 2007 - Paid for mailing packages, $15.25, voucher no. 9
January 22, 2007 - Paid for making duplicate keys, $26.30, voucher no. 10
January 23. 2007 - For trash removal, $10.00, voucher no. 11



Question:

1. How much should the accountant reimburse the fund for expenditure made?
2. Prepare the journal entry to records the expenses.