Exercise 7-23 The petty cash fund of Riverbed\'s Auto Repair Service, a sole pro

Question

Exercise 7-23 The petty cash fund of Riverbed's Auto Repair Service, a sole proprietorship, contains the following. Coins and currency Postage stamps An I.o.U. from Richie Cunningham, an employee, for cash advance Check payable to Riverbed's Auto Repair from Pottsie Weber, an employee, marked NSF Vouchers for the following: Stamps Two Rose Bowl tickets for Nick Riverbed Printer cartridge (Use the Maintenance and Repairs Expense account) 2. 3. 4. 5. $19.40 7.10 44.20 38.20 24.20 172.00 18.55 214.75 $323.65 The general ledger account Petty Cash has a balance of $327. Prepare the journal entry to record the reimbursement of the petty cash fund. (Round answers to 2 decimal places, e.g. 15.25. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.

Explanation / Answer

Journal Entry

There will no entry for coins and currency

Accounts title and Explanation Debit Credit Office supplies $7.1 Postage Expenses ($24.2 - $7.1) $17.1 Office Expenses $18.55 Owner's Drawings $172 Accounts Receivable ($44.2+$38.2) $78.4 Cash over and short (Balance) $14.45 Petty Cash ($327 - $19.4) $307.6 (Entry done to record the reimbursement of petty cash fund)

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