Prepare journal entries for each of the following:a. Issued a check to establish a petty cash fund of $900.b. The amount of cash in the petty cash fund is $115. Issued a check to replenish the fund, based on the following summary of petty cash receipts: store supplies, $550, and miscellaneous selling expense, $200. Record any missing funds in the cash short and over account.
Prepare journal entries for each of the following:a. Issued a check to establish a petty cash fund of $900.b. The amount of cash in the petty cash fund is $115. Issued a check to replenish the fund, based on the following summary of petty cash receipts: store supplies, $550, and miscellaneous selling expense, $200. Record any missing funds in the cash short and over account.
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. Issued a check to establish a petty cash fund of $900.
b. The amount of cash in the petty cash fund is $115. Issued a check to replenish the fund, based on the following summary of petty cash receipts: store supplies, $550, and miscellaneous selling expense, $200. Record any missing funds in the cash short and over account.
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