. Consider the cash account below. Additional Information: cash disbursements we
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Question
. Consider the cash account below.
Additional Information: cash disbursements were 80% of collections.
Cash
??
Beg. Balance
115,375
Collections
??
Disbursements
80,275
End Balance
How much was the Beginning Balance of the Cash Account?
4. Journalize the entries to record the following:
Jun 1 Established a petty cash fund of $200
Jun 30 The amount of cash in the petty cash fund is now $57. The fund is replenished based on the following receipts: postage, $25; entertainment $100; miscellaneous $20.
Record any discrepancy in the cash short and over account.
Journal
Date
Description
Post Ref.
Debit
Credit
Cash
??
Beg. Balance
115,375
Collections
??
Disbursements
80,275
End Balance
Explanation / Answer
Beginning Balance of the Cash Account + Collections - Disbursements = End Balance
Beginning Balance + 115375 - (80% of 115375) = 80275
Beginning Balance = 80275-23075 = 57200
Journal Entries
Jun 1 Petty cash A/c Dr 200
To Cash A/c 200
Jun 30 Petty Cash A/c Dr 145
To Postage 25
To Miscellanoeus 20
To Entertainment 100
Jun 30 Cash Shortage A/c Dr 288
To Petty Cash A/c 288
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