Journalize the entries to record the following (refer to the Chart of Accounts for exact wording of account titles):A.On July 1, check No. 12-375 is issued to establish a petty cash fund of $1,125.B.The amount of cash in the petty cash fund is now $122. Check No. 12-476 is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $594; miscellaneous selling expense, $216; miscellaneous administrative expense, $168. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $1,125, record the discrepancy in the cash short and over account.) Chart of Accounts CHART OF ACCOUNTS General Ledger ASSETS110Cash111Petty Cash120Accounts Receivable131Notes Receivable132Interest Receivable141Merchandise Inventory145Office Supplies146Store Supplies151Prepaid Insurance181Land191Office Equipment192Accumulated Depreciation-Office Equipment193Store Equipment194Accumulated Depreciation-Store Equipment LIABILITIES210Accounts Payable221Notes Payable222Interest Payable231Salaries Payable241Sales Tax Payable EQUITY310Common Stock311Retained Earnings312Dividends313Income Summary REVENUE410Sales610Interest Revenue EXPENSES510Cost of Merchandise Sold515Credit Card Expense516Cash Short and Over520Salaries Expense531Advertising Expense532Delivery Expense533Insurance Expense534Office Supplies Expense535Rent Expense536Repairs Expense537Selling Expenses538Store Supplies Expense561Depreciation Expense-Office Equipment562Depreciation Expense-Store Equipment591Miscellaneous Administrative Expense592Miscellaneous Selling Expense710Interest Expense Journal Journalize the entries to record the following:A. Check No. 12-375 is issued on July 1 to establish a petty cash fund of $1,125. Refer to the Chart of Accounts for exact wording of account titles.PAGE 1 JOURNALACCOUNTING EQUATION DATEDESCRIPTIONPOST. REF.DEBITCREDITASSETSLIABILITIESEQUITY1 2 B. The amount of cash in the petty cash fund is now $122. Check No. 12-476 is issued on December 31 to replenish the fund, based on the following summary of petty cash receipts: office supplies, $594; miscellaneous selling expense, $216; miscellaneous administrative expense, $168. Refer to the Chart of Accounts for exact wording of account titles. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $1,125, record the discrepancy in the cash short and over account.)PAGE 1 JOURNALACCOUNTING EQUATION DATEDESCRIPTIONPOST. REF.DEBITCREDITASSETSLIABILITIESEQUITY1 2 3 4 5

Journal entry date explanation debit credit 1-Jul petty cash 1125…

Answered: On July 1, check No. 12-375 is issued…

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Internal Control And Cash

Section: Chapter Questions

Problem 7.4BE

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Journalize the entries to record the following (refer to the Chart of Accounts for exact wording of account titles):

On July 1, check No. 12-375 is issued to establish a petty cash fund of $1,125.

The amount of cash in the petty cash fund is now $122. Check No. 12-476 is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $594; miscellaneous selling expense, $216; miscellaneous administrative expense, $168. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $1,125, record the discrepancy in the cash short and over account.)

Chart of Accounts

CHART OF ACCOUNTS

General Ledger

	ASSETS
110	Cash
111	Petty Cash
120	Accounts Receivable
131	Notes Receivable
132	Interest Receivable
141	Merchandise Inventory
145	Office Supplies
146	Store Supplies
151	Prepaid Insurance
181	Land
191	Office Equipment
192	Accumulated Depreciation-Office Equipment
193	Store Equipment
194	Accumulated Depreciation-Store Equipment

	LIABILITIES
210	Accounts Payable
221	Notes Payable
222	Interest Payable
231	Salaries Payable
241	Sales Tax Payable

	EQUITY
310	Common Stock
311	Retained Earnings
312	Dividends
313	Income Summary

	REVENUE
410	Sales
610	Interest Revenue

	EXPENSES
510	Cost of Merchandise Sold
515	Credit Card Expense
516	Cash Short and Over
520	Salaries Expense
531	Advertising Expense
532	Delivery Expense
533	Insurance Expense
534	Office Supplies Expense
535	Rent Expense
536	Repairs Expense
537	Selling Expenses
538	Store Supplies Expense
561	Depreciation Expense-Office Equipment
562	Depreciation Expense-Store Equipment
591	Miscellaneous Administrative Expense
592	Miscellaneous Selling Expense
710	Interest Expense

Journal

Journalize the entries to record the following:

A. Check No. 12-375 is issued on July 1 to establish a petty cash fund of $1,125. Refer to the Chart of Accounts for exact wording of account titles.

PAGE 1

JOURNAL

ACCOUNTING EQUATION

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
1
2

B. The amount of cash in the petty cash fund is now $122. Check No. 12-476 is issued on December 31 to replenish the fund, based on the following summary of petty cash receipts: office supplies, $594; miscellaneous selling expense, $216; miscellaneous administrative expense, $168. Refer to the Chart of Accounts for exact wording of account titles. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $1,125, record the discrepancy in the cash short and over account.)

PAGE 1

JOURNAL

ACCOUNTING EQUATION

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
1
2
3
4
5

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On July 1, check No. 12-375 is issued to establish a petty cash fund of $1,125. B. The amount of cash in the petty cash fund is now $122. Check No. 12-476 is issued to replenish the fund, based