Question

Prepare journal entries for each of the following: a. Issued a check to establish a petty cash fund of $550. If an amount box does not require an entry, leave it blank. fill in the blank 34ed1d068fd9f9a_2 fill in the blank 34ed1d068fd9f9a_3 fill in the blank 34ed1d068fd9f9a_5 fill in the blank 34ed1d068fd9f9a_6 b. The amount of cash in the petty cash fund is $190. Issued a check to replenish the fund, based on the following summary of petty cash receipts: store supplies, $211 and miscellaneous selling expense, $133. Record any missing funds in the cash short and over account. If an amount box does not require an entry, leave it blank. fill in the blank d87119f87056fd0_2 fill in the blank d87119f87056fd0_3 fill in the blank d87119f87056fd0_5 fill in the blank d87119f87056fd0_6 fill in the blank d87119f87056fd0_8 fill in the blank d87119f87056fd0_9 fill in the blank d87119f87056fd0_11 fill in the blank d87119f87056fd0_12

Answer 1

A. Dr Petty Cash $550

Cr Cash $550

B..Dr Store Supplies $211

Dr Miscellaneous Selling Expense $133

Dr Cash Short and Over $16

Cr Cash $360

Step-by-step explanation:

A. Preparation of the Joural entry if Issued a check to establish a petty cash fund of $550

Dr Petty Cash $550

Cr Cash $550

(To record creation of petty cash)

(b)

Dr Store Supplies $211

Dr Miscellaneous Selling Expense $133

Dr Cash Short and Over $16

($550-$211-$133-$190)

Cr Cash $360

($211+$133+$16)

(To record expense and replenish the petty cash)