The last custodian of the petty cash fund was hospitalized and you have been asked to take stock of the fund and replenish it. When you receive the fund, it has $299 in cash and receipts as follows: Office supplies $295 Advertising 120 Transportation by taxi 75 The petty cash fund was established to have $800 in it. Based on what you have found, what journal entry should be recorded to replenish the fund? If an amount box does not require an entry, leave it blank.
The last custodian of the petty cash fund was hospitalized and you have been asked to take stock of the fund and replenish it. When you receive the fund, it has $299 in cash and receipts as follows: Office supplies $295 Advertising 120 Transportation by taxi 75 The petty cash fund was established to have $800 in it. Based on what you have found, what journal entry should be recorded to replenish the fund? 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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