Petty Cash Fund EntriesJournalize the entries to record the following:a. Check is issued to establish a petty cash fund of $800.b. The amount of cash in the petty cash fund is now $272. Check is issued to replenish the fund, based on the followingsummary of petty cash receipts: office supplies, $306; miscellaneous selling expense, $127; miscellaneous administrativeexpense, $79. If the amount of the check to replenish the fund plus the balance in the fund do not equal $800, record thediscrepancy in the cash short and over account.a. Journalize the entry to establish the petty cash fund. If an amount box does not require an entry, leave it blank.Petty Cash vCash vFeedbackV Check My Worka. Recall that the only time Petty Cash is used is when the fund is initially established or increased.b. Journalize the entry to replenish the petty cash fund. If an amount box does not require an entry, leave it blank.Office SuppliesMiscellaneous Selling ExpenseMiscellaneous Administrative ExpenseCash Short and OverCash

Step 1 Journal is the part of the book keeping.

Journalize the entry to replenish the petty cash fund. If an amount box does not require an entry, leave it bla Office Supplies Miscellaneous Selling Expense Miscellaneous Administrative Expense Cash Short and Over Cash

Journalize the entry to replenish the petty cash fund. If an amount box does not require an entry, leave it bla Office Supplies Miscellaneous Selling Expense Miscellaneous Administrative Expense Cash Short and Over Cash

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter7: Accounting For Cash

Section: Chapter Questions

Problem 10SPB

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Question

Petty Cash Fund Entries
Journalize the entries to record the following:
a. Check is issued to establish a petty cash fund of $800.
b. The amount of cash in the petty cash fund is now $272. Check is issued to replenish the fund, based on the following
summary of petty cash receipts: office supplies, $306; miscellaneous selling expense, $127; miscellaneous administrative
expense, $79. If the amount of the check to replenish the fund plus the balance in the fund do not equal $800, record the
discrepancy in the cash short and over account.
a. Journalize the entry to establish the petty cash fund. If an amount box does not require an entry, leave it blank.
Petty Cash v
Cash v
Feedback
V Check My Work
a. Recall that the only time Petty Cash is used is when the fund is initially established or increased.
b. Journalize the entry to replenish the petty cash fund. If an amount box does not require an entry, leave it blank.
Office Supplies
Miscellaneous Selling Expense
Miscellaneous Administrative Expense
Cash Short and Over
Cash

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On July 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare journal entries for the following transactions: A. On July 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $125, Supplies $368, Postage Expense $325, Repairs and Maintenance Expense $99, Miscellaneous Expense $259. The cash on hand at this time was $38. B. On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $425, Supplies $95, Postage Expense $240, Repairs and Maintenance Expense $299, Miscellaneous Expense $77. The cash on hand at this time was $110. C. On June 23, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $251, Supplies $188, Postage Expense $263, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $93. D. On June 29, the company determined that the petty cash fund needed to be decreased to $1,000. E. On June 30, the petty cash fund needed replenishment, as it was month end. The following are the receipts: Auto Expense $14, Supplies $75, Postage Expense $150, Repairs and Maintenance Expense $121, Miscellaneous Expense $39. The cash on hand at this time was $603.
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On September 1, French company has decided to initiate a petty cash fund in the amount of $800. Prepare journal entries for the following transactions: A. On September 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $37, Supplies $124, Postage Expense $270, Repairs and Maintenance Expense $168, Miscellaneous Expense $149. The cash on hand at this time was $48. B. On September 14, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $210. C. On September 23, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $251, Supplies $88, Postage Expense $63, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $20. D. On September 29, the company determined that the petty cash fund needed to be increased to $1,000. E. On September 30, the petty cash fund needed replenishment as it was month end. The following are the receipts: Auto Expense $18, Supplies $15, Postage Expense $57, Repairs and Maintenance Expense $49, Miscellaneous Expense $29. The cash on hand at this time was $837.
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