Prepare the Journal Entries for the Following Petty Cash Transactions

question 37

Essay

Prepare the journal entries for the following petty cash transactions of City Coffee Shop.Omit explanation.
$$\begin{array} { | l | l | } \hline \text { Sept. 10 } & \text { Established a petty cash fund with a } \$ 300 \text { balance. } \\\hline & \begin{array} { l } \text { The petty cash fund has } \$ 105 \text { in cash and } \$ 200 \text { in petty cash } \\\text { tickets there were issued to pay for Delivery Expense } ( \$ 115 ) \\\text { and Postage Expense } ( \$ 85 ) \text {. Replenished the fund and }\end{array} \\\text { Sept. 30 } & \text { recorded the expenditures. } \\\hline \text { Oct. 15 } & \text { Decreased the balance of the petty cash fund to } \$ 250 . \\\hline\end{array}$$

---

Definitions:

Redefining Decision

A strategic pivot or change in direction based on new insights or conditions, affecting future actions and policies.

Franchising

A form of licensing in which a company—the franchiser—agrees to provide a franchisee a name, logo, methods of operation, advertising, products, and other elements associated with a franchiser’s business in return for a financial commitment and the agreement to conduct business in accordance with the franchiser’s standard of operations.

Franchisees

Individuals or entities that purchase the rights to operate a business under a franchise brand, adhering to the specified business operations and practices.