Check No. 12-375 is issued to establish a petty cash fund of $900.The amount of cash in the petty cash fund is now $324. Check No. 12-476 is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $334; miscellaneous selling expense, $138; miscellaneous administrative expense, $86. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $500, record the discrepancy in the cash short and over account.)a) Cash short and over ____b) Cash ____

Petty cash fund is said to be small bills or amounts that organisations maintain to pay off the…

Answered: Check No. 12-375 is issued to establish…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Check No. 12-375 is issued to establish a petty cash fund of $900.
The amount of cash in the petty cash fund is now $324. Check No. 12-476 is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $334; miscellaneous selling expense, $138; miscellaneous administrative expense, $86. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $500, record the discrepancy in the cash short and over account.)

a) Cash short and over ____

b) Cash ____

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