Petty Cash Fund Prepare journal entries for each of the following. For a compoun
ID: 2432831 • Letter: P
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 $600.
b. The amount of cash in the petty cash fund is $200. Issued a check to replenish the fund, based on the following summary of petty cash receipts: store supplies, $236 and miscellaneous selling expense, $148. 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.
Explanation / Answer
Accounting titles & Explanations Debit Credit a) Petty cash 600 cash 600 b) Store supplies 236 Miscellaneous selling expense 148 Cash short and over 16 Cash. 400 (600-236-148= 216 )