Service World maintains a petty cash fund The fund

custodian #2725
Service World maintains a petty cash fund. The fund custodian encountered the following
events. a. The fund was established when a check for $ 300 was cashed and deposited into a
locked cash box. b. An employee submitted a receipt for a customer delivery costing $ 20 and
was reimbursed in full from petty cash. c. Another employee submitted a receipt for $ 60 for
locksmith repairs to the office door and was reimbursed in full from petty cash. d. An employee
submitted a receipt for newspaper advertising that cost the company $ 50. She was given $ 50
from the petty cash box. e. The petty cash custodian received and cashed a check that fully
replenished the petty cash fund. f. An employee submitted a receipt for $ 35 for supplies and
was reimbursed in full from petty cash. g. An employee submitted a receipt for $ 65 for filling up
his personal vehicle. He was not reimbursed because it would violate company policy. h. At the
end of the month, a check was given to the petty cash custodian to not only replenish the petty
cash fund but also increase the total fund to $ 400. Required:1. Prepare any Required. journal
entries.2. If Service World has $ 1,000 cash, $ 500 of government Treasury bills purchased last
month with a six- week maturity, and $ 750 of cash set aside for legal reasons, how much will
the company report on the balance sheet as “Cash and Cash Equivalents”?View Solution:
Service World maintains a petty cash fund The fund custodian

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