Petty Cash Fund Prepare journal entries for each of the following. For a compoun

Question

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 $500. Petty CashY Cash Feedback b. The amount of cash in the petty cash fund is $160. Issued a check to replenishthe fund, based on the following summary of petty cash receipts: store supplies, $200 and miscellaneous selling expense, $126. 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. Store Supplies Miscellaneous Selling Expense Cash Short and Over Cash Feedback Feedback

Explanation / Answer

Requirement (a)

Particulars and Account Tittles

Debit ($)

Credit ($)

Petty Cash A/c

$500

To Cash A/c

$500

Requirement (b)

Particulars and Account Tittles

Debit

Credit ($)

Store Supplies A/c

200

Miscellaneous Selling Expenses A/c

126

Cash Short and Over A/c

14

To Cash A/c

340

*Cash Short and Over

- Balance in the Petty Cash fund is $160

- Amount Available for replenish = $340 [$500 – 160]

- Cash Short and Over = Amount Available for replenish – Stores supplies - Miscellaneous Selling Expenses

= $340 – 200 – 126

= $14

Particulars and Account Tittles

Debit ($)

Credit ($)

Petty Cash A/c

$500

To Cash A/c

$500

Related Questions

Navigate

• Browse (All)
• Browse P
• Subjects

---

---

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