Petty Cash Fund Prepare journal entries for each of the following. For a compoun

Question

Petty Cash Fund
Prepare journal entries for each of the following. For a compound transaction, if an amount box does not require an entry, leave it blank.

a.  Issued a check to establish a petty cash fund of $600.

b.  The amount of cash in the petty cash fund is $200. Issued a check to replenish the fund, based on the following summary of petty cash receipts: store supplies, $236 and miscellaneous selling expense, $148. Record any missing funds in the cash short and over account. For a compound transaction, if an amount box does not require an entry, leave it blank.

Explanation / Answer

Accounting titles & Explanations Debit Credit a) Petty cash 600 cash 600 b) Store supplies 236 Miscellaneous selling expense 148 Cash short and over 16 Cash. 400 (600-236-148= 216 )

Related Questions

Navigate

• Browse (All)
• Browse P
• Subjects

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