How did they find the answer for Nov. 30 dealing with petty cash? What are the s
ID: 2459915 • Letter: H
Question
How did they find the answer for Nov. 30 dealing with petty cash? What are the steps? It shows how they would go in a General Journal entry.
Nov. 7 Established a petty cash fund of $400
Nov. 30 Record the entry to replenish the petty cash fund. An audit of the petty cash fund determined the following:
Petty cash tickets:
Postage $50
Freight-Out $150
Repair Expense $60
Miscellaneous Expense $85
Currency and Coins in Petty Cash $40
ANSWER:
30 Nov
Postage Dr $50
Freight-Out Dr $150
Repair Expense Dr $60
Miscellaneous Expense Dr $85
Cash Short Dr 15 Cash Cr 360
(Record the entry to replenish the petty cash fund)
http://www.chegg.com/homework-help/questions-and-answers/nov-1-issued-10-000-shares-10-par-value-common-stock-exchange-initial-investment-100-000-f-q1670849
Explanation / Answer
The procedure to replenish and reconcile petty cash begins by counting the cash remaining in the Petty Cash drawer. Next, all vouchers are totaled. The combined total of remaining cash and Petty Cash Vouchers should equal the established value of the Petty Cash fund.
30 Nov
Postage Dr $50
Freight-Out Dr $150
Repair Expense Dr $60
Miscellaneous Expense Dr $85
Cash Short Dr 15
Cash Cr 360
Originial balance = $400
Current petty cash balance= $40
Therefore, $360 to be added to petty cash fund account to replenish the petty cash.
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