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Petty Cash Fund Murphy, Inc., maintains a balance of $2,800 in its petty cash fund. On December 31, Murphy's petty cash account has a balance

  1. Petty Cash Fund

    Murphy, Inc., maintains a balance of $2,800 in its petty cash fund. On December 31, Murphy's petty cash account has a balance of $212. Murphy replenishes the petty cash account to bring it back up to $2,800. Murphy classifies all petty cash transactions as miscellaneous expense.

    Required:

    What entry is made to record the replenishment of the petty cash fund?

    Dec. 31
    (Replenish petty cash fund and recognize expenses)

2)

  1. Miller Enterprises deposits the cash received during each day at the end of the day. Miller deposited $48,287 on October 3 and $50,116 on October 4. Cash register records and other documents supporting the deposits are summarized as follows:

    10/3 10/4
    Cash sales $36,640 $40,310
    Collections on account 11,325 9,813
    Total receipts $47,965 $50,123

    Required:

    1. Calculate the amount of cash over or cash short for each day. Enter negative values as negative numbers.

    Cash Over (Short)
    10/3 $
    10/4 $

    Feedback

    2. Prepare the journal entry to record the receipt and deposit of cash on October 3. If an amount box does not require an entry, leave it blank.

    October 3rd
    • Accounts Payable
    • Accounts Receivable
    • Cash
    • Notes Payable
    • Sales Revenue
    • Accounts Payable
    • Cash
    • Cash Over and Short
    • Notes Payable
    • Wages Payable
    • Accounts Payable
    • Accounts Receivable
    • Cash
    • Petty Cash
    • Wages Payable
    • Accounts Payable
    • Cash
    • Petty Cash
    • Sales Revenue
    • Wages Payable
    (Record cash register receipts)

    Feedback

    3. Prepare the journal entry to record the receipt and deposit of cash on October 4. If an amount box does not require an entry, leave it blank.

    October 4th
    • Accounts Payable
    • Accounts Receivable
    • Cash
    • Sales Revenue
    • Wages Payable
    • Accounts Receivable
    • Cash Over and Short
    • Petty Cash
    • Sales Revenue
    • Wages Payable
    • Accounts Payable
    • Accounts Receivable
    • Cash
    • Cash Over and Short
    • Wages Payable
    • Cash
    • Cash Over and Short
    • Petty Cash
    • Sales Revenue
    • Wages Payable
    (Record cash register receipts)

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