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3 years ago

Journalize the entries to record the following:

Business

1 answer:

zlopas [31]3 years ago

3 0

Answer: Please see below

Explanation:

a. Journal to record the entry to establish the petty cash fund.

Account Particulars Debit Credit

Petty Cash $750

Cash $750

b. Journal to record the entry to replenish the petty cash fund.

Account Particulars Debit Credit

Office Supplies $248

Misc Selling Expense $212

Miscellaneous administrative expense, $96.

Cash Short and Over $18

Cash $574

To calculate Cash Short and Over= $750-(248+212+ 96)= 750 -556= $194

but the money in the pettycash fund On April 1 is $212.

therefore Cash short and over = $212-$194 = $18

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