Loucks Company established a $330 petty cash fund on October 2, 2024. The fund is replenished at the end of each month. At the end of October 2024, the fund contained $89 in cash and the following receipts: Office supplies $ 102 Advertising 74 Postage 33 Miscellaneous 32 Required: Prepare the necessary general journal entries to establish the petty cash fund on October 2 and to replenish the fund on October 31. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.

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Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.