Journalize the entries to record the following: a. Check is issued to establish a petty cash fund of $750. b. The amount of cash in the petty cash fund is now $176. Check is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $248; miscellaneous selling expense, $212; miscellaneous administrative expense, $96. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $750, record the discrepancy in the cash short and over account.) a. Journalize the entry to establish the petty cash fund. Petty Cash v Cash v
Journalize the entries to record the following: a. Check is issued to establish a petty cash fund of $750. b. The amount of cash in the petty cash fund is now $176. Check is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $248; miscellaneous selling expense, $212; miscellaneous administrative expense, $96. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $750, record the discrepancy in the cash short and over account.) a. Journalize the entry to establish the petty cash fund. Petty Cash v Cash v
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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Question
![Journalize the entries to record the following:
a. Check is issued to establish a petty cash fund of $750.
b. The amount of cash in the petty cash fund is now $176. Check is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $248;
miscellaneous selling expense, $212; miscellaneous administrative expense, $96. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal
$750, record the discrepancy in the cash short and over account.)
a. Journalize the entry to establish the petty cash fund.
Petty Cash v
Cash v](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2e320421-d8ac-4065-a3f1-d328936a391f%2F0eda42fd-aad8-476d-8f9c-b92ac012b4fa%2Fv32i895_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Journalize the entries to record the following:
a. Check is issued to establish a petty cash fund of $750.
b. The amount of cash in the petty cash fund is now $176. Check is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $248;
miscellaneous selling expense, $212; miscellaneous administrative expense, $96. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal
$750, record the discrepancy in the cash short and over account.)
a. Journalize the entry to establish the petty cash fund.
Petty Cash v
Cash v
![b. Journalize the entry to replenish the petty cash fund. For a compound transaction, if an amount box does not require an entry, leave it blank.
Office Supplies v
Miscellaneous Selling Expense
Miscellaneous Administrative Expense
Cash Short and Over
Cash](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2e320421-d8ac-4065-a3f1-d328936a391f%2F0eda42fd-aad8-476d-8f9c-b92ac012b4fa%2Fxsn30g_processed.jpeg&w=3840&q=75)
Transcribed Image Text:b. Journalize the entry to replenish the petty cash fund. For a compound transaction, if an amount box does not require an entry, leave it blank.
Office Supplies v
Miscellaneous Selling Expense
Miscellaneous Administrative Expense
Cash Short and Over
Cash
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