Prepare journal entries for each of the following (refer to the Chart of Account
ID: 2509685 • Letter: P
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
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A. On March 1, issued a check to establish a petty cash fund of $750. Refer to the Chart of Accounts for exact wording of account titles.
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PAGE 1
JOURNAL
Score: 25/25
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Points:
5 / 5
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Recall that the only time Petty Cash is used is when the fund is initially established or increased.
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: repair expense, $515 and miscellaneous selling expense, $88. Record any missing funds in the cash short and over account. Refer to the Chart of Accounts for exact wording of account titles.
How does grading work?
PAGE 1
JOURNAL
Score: 47/49
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Instructions A. On March 1, issued a check to establish a petty cash fund of $750. 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: repair expense, $515 and miscellaneous selling expense, $88. Record any missing funds in the cash short and over account.Explanation / Answer
Journal entry :
Date accounts & explanation debit credit mar 1 Petty cash 750 Cash 750 (To record establish petty cash fund) Apr 1 Repairs expense 515 Miscellaneous expense 88 Cash short and overh 32 Cash 635 (To record replenish fund)