Kingery Ltd. maintains a balance of $3,000 in its petty cash fund for routine purchases such as supplies. During the year, Kingery's employees paid for various office supplies and food purchases for office birthdays. As a result, Kingery's petty cash account has a balance of $374 on December 31, 2022. At the end of each year, Kingery replenishes the petty cash in full. Kingery classifies all petty cash transactions as miscellaneous expense. Required: Prepare a journal entry to record the replenishment of the petty cash fund.
Kingery Ltd. maintains a balance of $3,000 in its petty cash fund for routine purchases such as supplies. During the year, Kingery's employees paid for various office supplies and food purchases for office birthdays. As a result, Kingery's petty cash account has a balance of $374 on December 31, 2022. At the end of each year, Kingery replenishes the petty cash in full. Kingery classifies all petty cash transactions as miscellaneous expense. Required: Prepare a journal entry to record the replenishment of the petty cash fund.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Petty Cash Fund
Kingery Ltd. maintains a balance of $3,000 in its petty cash fund for routine purchases such as supplies. During the year, Kingery's employees paid for various office supplies and food purchases for office birthdays. As a result, Kingery's petty cash account has a balance of $374 on December 31, 2022. At the end of each year, Kingery replenishes the petty cash in full. Kingery classifies all petty cash transactions as miscellaneous expense.
Required:
Prepare a
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