Granite Bay Jet Ski has maintained a $50 petty cash fund to handle small miscell

Question

Granite Bay Jet Ski has maintained a $50 petty cash fund to handle small miscellaneous business expenditures that occur frequently during normal business operations. The fund is being replenished, and because of business growth, is also being increased by $50. Issued check number 30401 for $97.50. A total of $2.50 remains in the petty cash box at this time, A summary of receipts and invoices shows the following expenditures made to date from petty cash: Store and shop Supplies expense $15.00 Advertising Expense $32.50

Explanation / Answer

Dr. Petty cash 97.50 Cr Cash in bank 97.50 Dr Shore and shop supplies expense 15.00 Dr Advertising expense 32.50 Cr Cash in bank 47.50

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