Present entries to record the following transactions: (a) Established a petty cash fund of $235. (b) The petty cash fund now has a balance of $42.80. Replenished the fund, based on the following disbursements as indicated by a summary of the petty cash receipts: office supplies expense, $74.50; miscellaneous administrative expenses, $92.75; and miscellaneous selling expense, $18.60. (c) Increased the petty cash fund to $300.

Present entries to record the following transactions: (a) Established a petty cash fund of $235. (b) The petty cash fund now has a balance of $42.80. Replenished the fund, based on the following disbursements as indicated by a summary of the petty cash receipts: office supplies expense, $74.50; miscellaneous administrative expenses, $92.75; and miscellaneous selling expense, $18.60. (c) Increased the petty cash fund to $300.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 4EB: Record the following transactions: A. Started a petty cash fund in the amount of $1,000. B....

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Concept explainers

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.

Question

Present entries to record the following transactions:

(a) Established a petty cash fund of $235.

(b) The petty cash fund now has a balance of $42.80. Replenished the fund, based on the following

disbursements as indicated by a summary of the petty cash receipts: office supplies expense,

$74.50; miscellaneous administrative expenses, $92.75; and miscellaneous selling expense, $18.60.

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