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Prepare journal entries for each of the following: a. Issued a check to establish a petty cash fund of $1,000. b. The amount of cash in the petty cash fund is $315. Issued a check to replenish the fund, based on the following summary of petty cash receipts: repair expense, $600, and miscellaneous selling expense, $56. Record any missing funds in the cash short and over account.

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Financial Accounting

15th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337272124

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BuyFindarrow_forward

Financial Accounting

15th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337272124
Chapter 8, Problem 4PEA
Textbook Problem
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Prepare journal entries for each of the following:

  1.        a.            Issued a check to establish a petty cash fund of $1,000.
  2.       b.            The amount of cash in the petty cash fund is $315. Issued a check to replenish the fund, based on the following summary of petty cash receipts: repair expense, $600, and miscellaneous selling expense, $56. Record any missing funds in the cash short and over account.

(a)

To determine

Prepare journal entry for petty cash fund.

Explanation of Solution

Petty cash fund is a fund established to pay insignificant amounts like postage, office supplies, and lunches. In day-to-day life, it becomes difficult to use checks for daily expenses...

(b)

To determine

Prepare journal entry for petty cash fund.

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Chapter 8 Solutions

Financial Accounting
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