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Petty Cash Fund Entries Instructions Journalize the entries to record the following (refer to the Chart of Accounts for exact wording of account titles): Instructions
Petty Cash Fund Entries
Instructions Journalize the entries to record the following (refer to the Chart of Accounts for exact wording of account titles): Instructions A. On March 1, Check is issued to establish a petty cash fund of $1,035. B. On April 1, the amount of cash in the petty cash fund is now $100. Check is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $529; miscellaneous selling expense, $210; miscellaneous administrative expense, $163. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $1,035, record the discrepancy in the cash short and over account.)Step by Step Solution
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