Question
Journalize the entries to record the following: a. Check No. 6300 is issued to establish a petty cash fund of $1,200. b. The amount of
Journalize the entries to record the following:
a. Check No. 6300 is issued to establish a petty cash fund of $1,200.
b. The amount of cash in the petty cash fund is now $200. Check No. 6527 is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $650; miscellaneous selling expense, $230; miscellaneous administrative expense, $90. Since the amount of the check to replenish the fund plus the balance in the fund do not equal $1,200, record the discrepancy in the cash short and over account.
Step by Step Solution
3.45 Rating (158 Votes )
There are 3 Steps involved in it
Step: 1
Date Particulars Dr Cr a Petty Cash C...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get StartedRecommended Textbook for
Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
13th Edition
9780470374948, 470423684, 470374942, 978-0470423684
Students also viewed these Accounting questions
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
View Answer in SolutionInn App