Company established a petty cash fund on May 1, cashing a check for $100. The co

Question

Company established a petty cash fund on May 1, cashing a check for $100. The company reimbursed the fund on June 1 with the following results.
June 1: Cash in fund $2.75. Receipts: delivery expense $31.25; postage expense $39.00; and miscellaneous expense $25.00.

I did the following which was correct (except the field Cash over and short (this one is necessary in this problem, I don't know why):

May 1

Dr Petty Cash 100.00
Cr Cash 100.00

June 1

Dr Postage expense 39.00
Dr Delivery expense 31.25
Dr Miscellaneous expense 25.00
Dr Cash over and short ?

Cr Cash ?


Could you help me, please? What should I record in those fields?

Explanation / Answer

Dr Delivery Expense 31.25 Dr Postage Expense 39 Dr Miscellaneous Expense 25 Dr Over/Short 2 Cr Cash 97.25

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