Petty Cash Fund

Prepare journal entries for each of the following. For a compound transaction, if an amount box does not require an entry, leave it blank.

a.Issued a check to establish a petty cash fund of $750.

b.The amount ofcashin the petty cash fund is $250. Issued a check to replenish the fund, based on the following summary of petty cash receipts: store supplies, $294 and miscellaneous selling expense, $185. Record any missing funds in thecash short and over account. For a compound transaction, if an amount box does not require an entry, leave it blank.