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Question

IrylakeAss omentyakssnmentMeindotnvoker gnment-take&norogress-; QSearch … CHAPTER 8-INTERNAL CONTROL AND CASH Study Proaress Activity Take: Practice! Petty Cash Fund prepare journal entries fur eacn cfte followng. For a comouund transaction, if an muumt box does not require an entry, leave t bene in the cash short nd over account. Fara compound trans ctan, lt an amount bcx doas nct reare an entry. laava r blank. Try Another Verzion Proqress sd) Save and Ext ubmit Ascignment tor Groding 1124 PM

Explanation / Answer

Solution:

General Journal

Debit

Credit

(a)

Issued a check to establish a petty cash fund of $750

Petty Cash Account

$750

Cash

$750

(b)

Store Supplies

$284

Miscellaneous Selling Expense

$181

Cash Short and Over Account (balancing figure)

$85

Cash

$550

(By passing the above entry the Petty Cash balance will become $200)

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General Journal

Debit

Credit

(a)

Issued a check to establish a petty cash fund of $750

Petty Cash Account

$750

Cash

$750

(b)

Store Supplies

$284

Miscellaneous Selling Expense

$181

Cash Short and Over Account (balancing figure)

$85

Cash

$550

(By passing the above entry the Petty Cash balance will become $200)

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