Journalize the entries to record the following (refer to the Chart of Accounts for exact wording of account titles): InstructionsA.On March 1, Check is issued to establish a petty cash fund of $1,175.B.On April 1, the amount of cash in the petty cash fund is now $110. Check is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $665; miscellaneous selling expense, $211; miscellaneous administrative expense, $178. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $1,175, record the discrepancy in the cash short and over account.)

The journal entry for issued to establish a petty cash fund as as follows:

Answered: Journalize the entries to record the…

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 (refer to the Chart of Accounts for exact wording of account titles):

	Instructions
A.	On March 1, Check is issued to establish a petty cash fund of $1,175.
B.	On April 1, the amount of cash in the petty cash fund is now $110. Check is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $665; miscellaneous selling expense, $211; miscellaneous administrative expense, $178. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $1,175, record the discrepancy in the cash short and over account.)

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