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gnment/takeAssignmentMain.do?invoker-assignments&itakeAssignmentSessionlLocator-assignment-take&inprogress-false Show Me How eBook Petty Cash Fund Prepare journal entries for each of the following Calculator a. Issued a check to establish a petty cash fund of $900. b. The amount of cash in the petty cash fund is $115. Issued a check to replenish the fund, based on the following summary of petty cash receipts: store supplies, $550 and miscellaneous selling expense, $200. 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

Journal entry :

Date account and explanation debit credit Petty cash 900 Cash 900 (To establish petty cash fund) Store supplies 550 Miscellaneous Selling expense 200 Cash short and over (115+550+200-900) 35 Cash 785 (To record replenishment of fund)

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