Petty Cash Fund Prepare journal entries for each of the following. For a compound transaction, if an amount box does not require an entry, leave it blank. a. Issued a check to establish a petty cash fund of $750. b. The amount of cash in the petty cash fund is $240. Issued a check to replenish the fund, based on the following summary of petty cash receipts: store supplies, $299 and miscellaneous selling expense, $189. Record any missing funds in the cash short and over account. For a compound transaction, if an amount box does not require an entry, leave it blank.
Petty Cash Fund Prepare journal entries for each of the following. For a compound transaction, if an amount box does not require an entry, leave it blank. a. Issued a check to establish a petty cash fund of $750. b. The amount of cash in the petty cash fund is $240. Issued a check to replenish the fund, based on the following summary of petty cash receipts: store supplies, $299 and miscellaneous selling expense, $189. Record any missing funds in the cash short and over account. For a compound transaction, if an amount box does not require an entry, leave it blank.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Petty Cash Fund
Prepare
a. Issued a check to establish a petty cash fund of $750.
b. The amount of cash in the petty cash fund is $240. Issued a check to replenish the fund, based on the following summary of petty cash receipts: store supplies, $299 and miscellaneous selling expense, $189. Record any missing funds in the cash short and over account. For a compound transaction, if an amount box does not require an entry, leave it blank.
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