Howard Corporation uses a petty cash system to pay for miscellaneous expenses.Howard established the petty cash fund with $600 on March 1,2016.On March 31,2016,the petty cash fund contained $12.98.The custodian of the fund saved the following vouchers for cash payments during March 2016:
The three events related to petty cash were the following: (1)establishment of the fund, (2)cash payments for petty cash expenses,and (3)recognition of expenses and replenishment of the fund.
Required: Prepare the journal entries for above events.
Definitions:
High Rate of Failure
A situation where there is a significant percentage of attempts or endeavors that do not succeed, often used in the context of startups or new projects.
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