Acc557 Financial Accounting: E7-7 LaSalle Company established a petty cash fund
Acc557 Financial Accounting
Exercise 7-7 LaSalle Company established a petty cash fund on May 1, cashing a check for $100. The company reimbursed the fund on June 1 and July 1 with the following results. June 1: Cash in fund $1.75. Receipts: delivery expense $31.25; postage expense $41; and miscellaneous expense $25. July 1: Cash in fund $3.25. Receipts: delivery expense $21; entertainment expense $51; and miscellaneous expense $24.75. On July 10, LaSalle increased the fund from $100 to $150.00.
Prepare journal entries for LaSalle Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)