Journalize the entries to record the following: Check No. 245-13 is issued to establish a petty cash fund of $600. The amount of cash in the petty cash fund is now $198. Check No. 271-13 is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $233; miscellaneous selling expense, $96; miscellaneous administrative expense, $60. a. Journalize the entry to establish the petty cash fund. Petty Cash fill in the blank 1cd8ceff2fd201b_2 Cash fill in the blank 1cd8ceff2fd201b_4 Feedback a. Recall that the only time Petty Cash is used is when the fund is initially established or increased. Learning Objective 6. 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 fill in the blank bd88c5f6e066fba_2 fill in the blank bd88c5f6e066fba_3 Miscellaneous Selling Expense fill in the blank bd88c5f6e066fba_5 fill in the blank bd88c5f6e066fba_6 Miscellaneous Administrative Expense fill in the blank bd88c5f6e066fba_8 fill in the blank bd88c5f6e066fba_9 Cash Short and Over fill in the blank bd88c5f6e066fba_11 fill in the blank bd88c5f6e066fba_12 Cash fill in the blank bd88c5f6e066fba_14 fill in the blank bd88c5f6e066fba_15

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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Journalize the entries to record the following:

Check No. 245-13 is issued to establish a petty cash fund of $600.
The amount of cash in the petty cash fund is now $198. Check No. 271-13 is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $233; miscellaneous selling expense, $96; miscellaneous administrative expense, $60.

a. Journalize the entry to establish the petty cash fund.

	Petty Cash	fill in the blank 1cd8ceff2fd201b_2
	Cash		fill in the blank 1cd8ceff2fd201b_4

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a. Recall that the only time Petty Cash is used is when the fund is initially established or increased.

Learning Objective 6.

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	fill in the blank bd88c5f6e066fba_2	fill in the blank bd88c5f6e066fba_3
Miscellaneous Selling Expense	fill in the blank bd88c5f6e066fba_5	fill in the blank bd88c5f6e066fba_6
Miscellaneous Administrative Expense	fill in the blank bd88c5f6e066fba_8	fill in the blank bd88c5f6e066fba_9
Cash Short and Over	fill in the blank bd88c5f6e066fba_11	fill in the blank bd88c5f6e066fba_12
Cash	fill in the blank bd88c5f6e066fba_14	fill in the blank bd88c5f6e066fba_15

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