Journalize the entries to recored the following: a. Check No. 6172 is issues to

Question

                    Journalize the entries to recored the following:

a. Check No. 6172 is issues to establish a petty cash fund of $1,000.

b. The amount of cash in the petty cash fund is now $239.16. Check No. 6319 is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $379.10; miscellanous selling expense, $216.25; miscellanous administrative expense, $143.06. (Since the amount of the check to replenish the fund plus the balance in the fund do not equal $1,000, record the discrepancy in the cash short or over account.)

Explanation / Answer

(a)
Debit. Petty Cash Fund $1,000
Credit. Cash $1,000

(b)
Debit. Office Supplies $379.10
Debit. Miscellaneous Selling Expense $216.25
Debit. Miscellaneous Administrative expense $143.06
Debit. Cash Over and Short $22.43
Credit. Cash $760.84

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