Journalize the entries to record the following:Required:a.On March 1, check is issued to establish a petty cash fund of $1,035.*b.On April 1, The amount of cash in the petty cash fund is now $100. Check is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $529; miscellaneous selling expense, $210; miscellaneous administrative expense, $163. If the amount of the check to replenish the fund plus the balance in the fund do not equal $1,035, record the discrepancy in the cash short and over account.* *Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage, office supplies, and lunches.Answer : A Date Description Post ref Debit Credit Assets Liabilities Equity March 1 Petty Cash 1035 ↑ Cash 1035 ↓ B Date Description Post ref Debit Credit Assets Liabilities Equity April 1 Office Supplies 529 ↑ Miscellaneous Selling Expense 210 ↓ Miscellaneous Administrative Expense 163 ↓ Cash Short and Over 33 ↓ Cash 935 ↓

Answered: ournalize 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:

Required:

a.	On March 1, check is issued to establish a petty cash fund of $1,035.*
b.	On April 1, The amount of cash in the petty cash fund is now $100. Check is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $529; miscellaneous selling expense, $210; miscellaneous administrative expense, $163. If the amount of the check to replenish the fund plus the balance in the fund do not equal $1,035, record the discrepancy in the cash short and over account.*
	*Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

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