On July 1, check No. 12-375 is issued to establish a petty cash fund of $1,125. B. The amount of cash in the petty cash fund is now $122. Check No. 12-476 is issued to replenish the fund, based
On July 1, check No. 12-375 is issued to establish a petty cash fund of $1,125. B. The amount of cash in the petty cash fund is now $122. Check No. 12-476 is issued to replenish the fund, based
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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A. | On July 1, check No. 12-375 is issued to establish a petty cash fund of $1,125. |
B. | The amount of cash in the petty cash fund is now $122. Check No. 12-476 is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $594; miscellaneous selling expense, $216; miscellaneous administrative expense, $168. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $1,125, record the discrepancy in the cash short and over account.) |
Chart of Accounts
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Journal
Journalize the entries to record the following:
A. Check No. 12-375 is issued on July 1 to establish a petty cash fund of $1,125. Refer to the Chart of Accounts for exact wording of account titles.
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B. The amount of cash in the petty cash fund is now $122. Check No. 12-476 is issued on December 31 to replenish the fund, based on the following summary of petty cash receipts: office supplies, $594; miscellaneous selling expense, $216; miscellaneous administrative expense, $168. Refer to the Chart of Accounts for exact wording of account titles. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $1,125, record the discrepancy in the cash short and over account.)
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ACCOUNTING EQUATION
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