(a)Established a petty cash fund of $235.(b)The petty cash fund now has a balance of $42.80. Replenished the fund, based on the following disbursements as indicated by a summary of the petty cash receipts: office supplies, $74.50; miscellaneous administrative expense, $92.75; and miscellaneous selling expense, $18.60.(c)Increased the petty cash fund to $300. Required: Present entries to record the above transactions. Refer to the Chart of Accounts for exact wording of account titles.

Petty cash: Petty cash fund is eastiblished to pay insignifinant amount small expenses like office…

Answered: (a) Established a petty cash fund of…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 4EA: Record the following transactions: A. Started a petty cash fund in the amount of $500. B....

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(a)	Established a petty cash fund of $235.
(b)	The petty cash fund now has a balance of $42.80. Replenished the fund, based on the following disbursements as indicated by a summary of the petty cash receipts: office supplies, $74.50; miscellaneous administrative expense, $92.75; and miscellaneous selling expense, $18.60.
(c)	Increased the petty cash fund to $300.

	Required:
	Present entries to record the above transactions. Refer to the Chart of Accounts for exact wording of account titles.

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