Problem 1-5 (ACP) 1. Established a petty cash fund of P10,000 on 2. Petty cash expenses – January 2-31 are: Postage Supplies Transportation Miscellaneous expense 1,500 5,500 1,200 800 3. The fund is...

Answer for Problem 1-6

Extracted text: Problem 1-5 (ACP) 1. Established a petty cash fund of P10,000 on 2. Petty cash expenses – January 2-31 are: Postage Supplies Transportation Miscellaneous expense 1,500 5,500 1,200 800 3. The fund is replenished on February 1 and increased P5,000. Required: Prepare journal entries to record the transactions under the fluctuating fund system and imprest fund system. Problem 1-6 (ACP) Zenith Company provided the following chronological transactions in relation to petty cash: 1. The entity established a petty cash fund of P10,000. 2. Petty cash disbursements were: Postage Supplies 3. Petty cash disbursements were: Transportation Accounts payable 1,500 3,000 1,000 3,500 4. Issued check for an amount to replenish the fund and bring the balance of the petty cash to P20,000. Required: Prepare journal entries to record the transactions under fluctuating fund system and imprest fund system. 22