On september 1, 2022, watkins company establishes a petty cash fund by issuing a check for $250 to mike martz, the custodian of the petty cash fund. on september 30, 2022, mike martz submitted the following paid petty cash vouchers for replenishment of the petty cash fund when there is $35 cash in the fund: freight-in $25 supplies expense 75 entertainment of clients 37 postage expense 80 prepare the journal entries required to establish the petty cash fund on september 1 and the replenishment of the fund on september 30.

The Journal entries are as follows:

September 1:

Petty cash A/c   Dr.    $250

To  cash                                 $250

(To establish a petty cash fund)

September 30:

Cash over and short A/c      Dr.   -$2

Freight in A/c                         Dr.    $25

Supplies expense A/c           Dr.     $75

Entertainment Expense A/c  Dr.     $37

Postage expense A/c            Dr.     $80

To  Cash ($250 - $35)                               $215

( to record expenses for September and replenish the petty cash fund)

Workings:

Cash short = 215 - (25 + 75 + 37 + 80)

                  = - 2

i would ask my boss to do more things around the car shop. and i would slowly work my way up to working on cars and becoming a full time mechanic.