Problem 13 15 points
The Bozo School for Clowns established a $1,000 Petty Cash fund on January 2, 2014.
At the end of January, Petty Cash fund included cash of $940.75 and receipts for the following expenditures: $22.75 for freight, $7.65 postage and $24.85 office Supplies.
Give the following journal entries:
A) To establish the Petty Cash fund.
B) To reimburse the Petty Cash fund at the end of January.
C) It was decided that $1,000 was too much money in the Petty Cash fund. Management
wants the Petty Cash Fund balance reduced to $250.