Petty cash fund entries Instructions Chart of Accounts Journal Instructions Jour

Question

Petty cash fund entries Instructions Chart of Accounts Journal Instructions Journalize the entries to record the following (refer to the Chart of Accounts for exact wording of account titles): A. On July 1, check No. 12-375 is issued to establish a petty cash fund of $1,175 B. The amount of cash in the petty cash fund is now $110. Check No. 12-476 is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, s665; miscellaneous selling expense, $211; miscellaneous administrative expense, $178. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $1,175, record the discrepancy in the cash short and over account.)

Explanation / Answer

Accounts title and Explanation No Debit Credit Petty cash 111 1175 Cash 110 1175 ( To record the payment of petty cash fund for expenses) Office Supplies Expenses 534 665 Miscellaneous selling expenses 592 211 Miscellaneous administrative expenses 591 178 Cash short (121-110) 11 Petty cash fund 110 1065 ( To record the utiliazation of petty cash fund)

Related Questions

Navigate

• Browse (All)
• Browse P
• Subjects

---

---

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