Clooney Corp. establishes a petty cash fund for $200. By the end of the month, e

Question

Clooney Corp. establishes a petty cash fund for $200. By the end of the month, employees made the following expenditures from the fund: postage, $49; delivery, $74; supplies expense, $39; entertainment, $15.

Record the expenditures from the petty cash fund, and record the entry to replenish the petty cash fund. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Need to:

1) Record the expenditures from the petty cash fund in a general journal.

2) Record the entry to replenish the petty cash fund.

Enter debits before credits.

Thank you :)

Clooney Corp. establishes a petty cash fund for $200. By the end of the month, employees made the following expenditures from the fund: postage, $49; delivery, $74; supplies expense, $39; entertainment, $15.

Explanation / Answer

Petty Cash $       200 Cash $       200 Estabilished petty cash fund Postage $         49 Dedlivery $         74 Supplies expenses $         39 Entertainment $         15 Cash over and short $         23 Cash $       200 Replenished petty cash fund

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