ACCOUNTING 1101 Pacific Press maintains an imprest petty cash fund of $400,

1101AFE Accounting Principles – Semester 1 2016Assessable Homework Chapters 8 & 9QUESTION 1.Pacific Press maintains an imprest petty cash fund of $400, which is under the control ofBrenda Montague. At 30 November, the fund holds $215 cash and petty cash vouchers fortravel expenses, $80; office supplies, $60; and delivery expense, $40.Required: Prepare the general journal entries to record:(a) the establishment of the petty cash fund on 1 November(b) the replenishment of the fund on 30 November. Ignore GST.(c) On the 1st of December it was decided to decrease the Petty Cash fund to $300.Explanations (Narrations) are NOT required.DATEACCOUNTS AND EXPLANATIONSDEBITCREDITQuestion 2.On 31st August, ABC Ltd had a $155,000 debit balance in Accounts Receivable and a $ $6,200 credit balance inAllowance for doubtful debts. During September ABC Ltd mad:a. Sales on Credit, $590,000b. Collections on account, $627,000c. Write off of bad debts , $7,000.Record sales and collections on account. Then record the adjustment for bad debt expense (3% of credit sales)and the write-off of customer accounts for September using the allowance method.DATEACCOUNTS AND EXPLANATIONSDEBITCREDIT