Calculator Print Item Petty cash fund entries Chart of Accounts Instructions Jou

Question

Calculator Print Item Petty cash fund entries Chart of Accounts Instructions Jounalize the entries to record the following (refer to the Chart of Accounts for exact wording of account titles) Instructions A. On March 1, Check is issued to establish a petty cash fund of $1,125 B. On April 1, the amount of cash in the petty cash fund is now $122 Check is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $594; miscellaneous selling expense, $216; miscellaneous administrative expense, $168. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $1,125, record the discrepancy in the cash short and over account)

Explanation / Answer

Date Accounting titles & Explanations Debit Credit 1-Mar Petty cash 1,125 Cash 1,125 1-Apr office supplies 594 Miscellaneous Selling expense 216 miscellaneous administrative expense 168 Cash over and short 25 Cash 1,003 (1125-594-216-168= 147 ) (147-122 = 25

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.