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3 years ago

Petty Cash Fund Entries

Business

1 answer:

katrin2010 [14]3 years ago

3 0

Answer:

A. Dr Petty cash fund $500

Cr Cash $500

B. Dr Office supplies expenses $212

Dr miscellaneous selling expense $156

Dr miscellaneous administrative expense $61

Dr Cash short and over 31

Cr Petty cash fund $460

Dr Petty cash fund $460

Cr Cash $460

Explanation:

A. Preparation of the journal entry to establish the petty cash fund.

Dr Petty cash fund $500

Cr Cash $500

(To establish the petty cash fund)

B. Preparation of the journal entry to replenish the petty cash fund.

Dr Office supplies expenses $212

Dr miscellaneous selling expense $156

Dr miscellaneous administrative expense $61

Dr Cash short and over 31

($500-$212+$156+61+$40)

Cr Petty cash fund $460

($212+$156+$61+$31)

(To replenish the petty cash fund)

Dr Petty cash fund $460

($212+$156+$61+$31)

Cr Cash $460

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