Murdstone, Inc. issued a check on January 2 to establish a petty cash fund of $500. On January 31, the amount of cash in the petty cash fund is $442. The company would like to issue a check to replenish the fund, based on the following summary of petty cash receipts: Account Amount on Receipt Office Supplies $28.00 Miscellaneous Administrative Expense $23.00   The company’s policy is to record any missing funds in the Cash Short and Over account. The new intern has prepared a proposed journal entry to record the replenishing of the petty cash fund: JOURNAL ACCOUNTING EQUATION     DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Jan. 31 Petty Cash   51.00   ↑     2   Cash     51.00 ↓           Prepare for your discussion with the intern by journalizing the correct entry for the replenishment of the petty cash fund.        JOURNAL ACCOUNTING EQUATION     DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1                 2                 3                 4

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Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.