CHART OF ACCOUNTS Murdstone, Inc. General Ledger ASSETS REVENUE 110 Cash 410 Sales 111 Petty Cash 610 Interest Revenue 112 Accounts Receivable EXPENSES 115 Inventory 116 Store Supplies 510 Cost of Goods Sold 117 Office Supplies 516 Cash Short and Over 118 Prepaid Insurance 520 Salaries Expense 120 Land 521 Advertising Expense 123 Store Equipment 124 Accumulated Depreciation Store Equipment 522 Depreciation Expense-Store Equipment 523 Delivery Expense 531 Rent Expense 532 Depreciation Expense-Office Equipment 125 Office Equipment 126 Accumulated Depreciation Office Equipment 131 Notes Receivable 533 Insurance Expense 534 Office Supplies Expense LIABILITIES 535 Bank Service Charge 536 Repairs Expense 210 Accounts Payable 211 Salaries Payable 213 Interest Payable 537 Selling Expenses 538 Store Supplies Expense 539 Miscellaneous Administrative Expense 710 Interest Expense 215 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary Murdstone, Inc. issued a check on January 2 to establish a petty cash fund of $500. On January 31, the amount of cash in the petty cash fund is $439. The company would like to issue a check to replenish the fund, based on the following summary of petty cash receipts: Account Amount on Receipt $32.00 Office Supplies Miscellaneous Administrative Expense $23.00 The company's policy is to record any missing funds in the Cash Short and Over account. The new intern has prepared a proposed journal entry to record the replenishing of the petty cash fund: PAGE 17 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Jan. 31 Petty Cash 55.00 1 2 Cash 55.00 Prepare for your discussion with the intern by Journalizing the correct entry for the replenishment of the petty cash fund. Refer to the Chart of Accounts for exact wording of account titles How does grading work? PAGE 17 JOURNAL Score: 38/49 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 1 Jan. 31 Office Supplies 500.00 1 2 Cash 500.00 1 3 Office Supplies 32.00 4 Miscellaneous Administrative Expense 23.00