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vampirchik [111]
3 years ago
9

Recall on February 1, Derrick Company established a $200 petty cash fund. On February 15, when the fund balance reached $7, the

petty cash custodian prepared a petty cash report that summarized receipts for postage ($140) and printing ($54).
Prepare the necessary journal entry.
Business
1 answer:
Alenkasestr [34]3 years ago
3 0

Answer:

Dr Printing Expense $140

Dr Postage Expense $54

Cr Cash Over and Short $1

Cr Cash $193

Explanation:

Derrick Company

Journal entry

Dr Printing Expense $140

Dr Postage Expense $54

Cr Cash Over and Short $1

Cr Cash $193

Cash over and short

Receipts for postage ($140) printing ($54)

Fund balance $7

$140+$54+$7=$201- 200 petty cash fund

=$1

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