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.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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.
Transcribed Image Text: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.
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