Petty cash fund entries Obj. 6
Journalize the entries to record the following:
a. Check No. 12-375 is issued to establish a petty cash fund of $500.
b. The amount of cash in the petty cash fund is now $40. Check No. 12-476 is issued to replenish the fund, based on
the following summary of petty cash receipts: office supplies, $212; miscellaneous selling expense, $156; miscellaneous
administrative expense, $61. (Because the amount of the check to replenish the fund plus the balance in
the fund do not equal $500, record the discrepancy in the cash short and over account.)AppendixLO1