The company has an account with a fuel company for the company's drivers. The company will deposit $2000.00 with the fuel company at the beginning of the month. The drivers will get fuel and the charges will be applied against the deposit. At the end of the month, the total cost of the fuel charges for all drivers will be reimbursed to the company (Driver A $300, Driver B $450, Driver C $600 and Driver D $700).
1. How do you record the deposit of $2000 to the fuel company?
2. How do you record the reimbursments back to the company?
Please help with all steps.
Thank you.
