Prepare journal entries for each of the following (Refer to the Chart of Accounts for exact wording of account titles): a. On July 1, issued a check to establish a petty cash fund of $500. The amount of cash in the petty cash fund is $85. Issued a check to replenish the fund, based on the following summary of petty b. cash receipts: store supplies, $360, and miscellaneous selling expense, $40. Record any missing funds in the cash short and over account.
Prepare journal entries for each of the following (Refer to the Chart of Accounts for exact wording of account titles): a. On July 1, issued a check to establish a petty cash fund of $500. The amount of cash in the petty cash fund is $85. Issued a check to replenish the fund, based on the following summary of petty b. cash receipts: store supplies, $360, and miscellaneous selling expense, $40. 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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![Prepare journal entries for each of the
following (Refer to the Chart of
Accounts for exact wording of account
titles):
a.
On July 1, issued a check to
establish a petty cash fund of
$500.
The amount of cash in the petty
cash fund is $85. Issued a check
to replenish the fund, based on
the following summary of petty
b. cash receipts: store supplies,
$360, and miscellaneous selling
expense, $40. Record any
missing funds in the cash short
and over account.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F79a306b5-b12e-4486-bac2-651d62b64ad5%2F5d029947-ddd1-4650-a14e-7967e4625fdc%2F1j4p4hk_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Prepare journal entries for each of the
following (Refer to the Chart of
Accounts for exact wording of account
titles):
a.
On July 1, issued a check to
establish a petty cash fund of
$500.
The amount of cash in the petty
cash fund is $85. Issued a check
to replenish the fund, based on
the following summary of petty
b. cash receipts: store supplies,
$360, and miscellaneous selling
expense, $40. Record any
missing funds in the cash short
and over account.
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