Petty Cash Fund Entries Journalize the entries to record the following: Check No

Question

Petty Cash Fund Entries

Journalize the entries to record the following:

Check No. 245-13 is issued to establish a petty cash fund of $1,200.

The amount of cash in the petty cash fund is now $444. Check No. 271-13 is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $438; miscellaneous selling expense, $181; miscellaneous administrative expense, $113.

a. Journalize the entry to establish the petty cash fund.

b. Journalize the entry to replenish the petty cash fund. For a compound transaction, if an amount box does not require an entry, leave it blank.

Explanation / Answer

Particulars Debit Credit A Petty Cash $ 1,200 To bank $ 1,200 Office Supplies $ 438 To Petty Cash $ 438 B Office Supplies $ 438 To Petty Cash $ 438 Miscellaneous Selling Expenses $ 181 To Petty Cash $ 181 Miscellaneous Administrative Expenses $ 113 To Petty Cash $ 113 Cash Short $ 24 To Petty Cash $ 24 Cash $ 444 To Petty Cash $ 444

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