Prepare journal entries for each of the following: a. Issued a check to establish a petty cash fund of $900.

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.


Answer:








a.
 Petty Cash 900
Cash 900
b.
 Store Supplies 550
Miscellaneous Selling Expense 200
Cash Short and Over 35
Cash 785




Prepare journal entries for each of the following:

a. Issued a check to establish a petty cash fund of $1,150.
b. The amount of cash in the petty cash fund is $250. Issued a check to replenish the fund, based on the following summary of petty cash receipts: repair expense, $725 and miscellaneous selling expense, $150. Record any missing funds in the cash short and over account.


Answer:








a.
 Petty Cash 1,150
Cash 1,150
b.
 Repairs Expense 725
Miscellaneous Selling Expense 150
Cash Short and Over 25
Cash 900