Petty cash fund Obj. 6

Prepare journal entries for each of the following:

a. Issued a check to establish a petty cash fund of $500.

b. The amount of cash in the petty cash fund is $85. Issued a check to replenish the fund, based on the following summary

of petty cash receipts: store supplies, $360, and miscellaneous selling expense, $40. Record any missing funds in the cash

short and over account.

AppendixLO1