Journalize the entries to record the following: Sept 1 Established a petty cash

Question

Journalize the entries to record the following: Sept 1 Established a petty cash fund of $350 Sept 30 The amount of cash in the petty cash fund is now $130. The fund is replenished based on the following receipts: office supplies, $116; postage $100. Record any discrepancy in the cash short and over account. Journalize the entries to record the following: Established a petty cash fund of $300 The amount of cash in the petty cash fund is now $64. The fund is replenished based on the following receipts: office supplies, $137; selling expenses, $112. Record any discrepancy in the cash short and over account.

Explanation / Answer

Hi,

Please find the complete answer with dates:

Part A:

September 1

Petty Cash Dr. 350

Cash Cr. 350

September 30

Office Supplies Dr 116
Postage Dr 110
Cash (350 - 130) Cr 220

Over/Short Cr 6

Part B:

March 1

Petty Cash Dr. 300

Cash Cr. 300

March 31

Office Supplies Dr 137
Selling Expenses Dr 112
Cash (300 - 64) Cr 236

Over/Short Cr 13

Thanks.

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