Prepare journal entries for each of the following (refer to the Chart of Account

Question

Prepare journal entries for each of the following (refer to the Chart of Accounts for exact wording of account titles):

Chart of Accounts

Journal

A. On March 1, issued a check to establish a petty cash fund of $900. Refer to the Chart of Accounts for exact wording of account titles.

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JOURNAL

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B. On April 1, the amount of cash in the petty cash fund is $115. Issued a check to replenish the fund, based on the following summary of petty cash receipts: store supplies, $550 and miscellaneous selling expense, $200. Record any missing funds in the cash short and over account. Refer to the Chart of Accounts for exact wording of account titles.

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JOURNAL

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Instructions A. On March 1, issued a check to establish a petty cash fund of $900. B. On April 1, the amount of cash in the petty cash fund is $115. Issued a check to replenish the fund, based on the following summary of petty cash receipts: store supplies, $550 and miscellaneous selling expense, $200. Record any missing funds in the cash short and over account.

Explanation / Answer

A)

B)

Date AccounTitle and Explanations Debit($) Credit($) Mar-01 Petty cash 900 Cash 900 (establish a petty cash fund)

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