Done ctivity Take: Practice! Petty Cash Fund 1 pt Petty Cash Fund Prepare journa

Question

Done ctivity Take: Practice! Petty Cash Fund 1 pt 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 $190. Issued a check to replenish the fund, based on the following summary of petty cash receipts: store supples, $239 and miscellaneous selling expense, $152. Record anv 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

a. Journal Entry for check issue to establish a cash fund

b. Journal entry to replenish the petty cash fund

Working

**The amount of cash that has been utilized to incur petty expenses is the amount to be replenished.

Account Titles Debit Credit Petty Cash $600 Cash $600 To establish the petty cash fund

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