Jounalize the entries to record the following (refer to the Chart of Accounts fo

Question

Jounalize the entries to record the following (refer to the Chart of Accounts for exact wording of aocount titles): Instructions A. On March 1, Cheok No. 245-13 is issued to establish a petty cash fund of $1,050 B. On April 1, the amount of cash in the pety cash fund is now s106. Check No. 271-13 is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $603; miscellaneous selling expense, $183; miscellaneous administrative expense, $136. Because the amount of the cheok to replenish the fund plus the balance in the fund do not equal $1,050, recard the discrepanoy in the cash short and over account.)

Explanation / Answer

Journal Date Description Code Debit Credit Mar-01 Petty Cash 110 1050             Cash 110 1050 (To establish Petty Cash fund) Apr-01 Office Supplies expense 534 603 Miscellaneous Selling expense 592 183 Miscellaneous Administrative expense 591 136 Cash Short and Over Account 516 22              Cash 110 944 ( To replenish Petty Cash fund)

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