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3 years ago

Petty Cash Journal Entries

Business

1 answer:

Sati [7]3 years ago

3 0

Answer:

(a) January 1

Dr Petty cash $200

Cr Cash $200

B. January

Dr Phone Expense $17.50

Dr Automobile Expense 33

Dr Joseph Levine, Drawing 56

Dr Postage Expense 12.50

Dr Charitable Contributions Expense 15

Dr Miscellaneous Expense 49

Cr Petty cash 183

January 31

Dr Petty cash $183

Cr Cash $183

Explanation:

(a) Preparation of the journal entry to establish a petty cash fund

January 1

Dr Petty cash $200

Cr Cash $200

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

January

Dr Phone Expense $17.50

Dr Automobile Expense 33

Dr Joseph Levine, Drawing 56

Dr Postage Expense 12.50

Dr Charitable Contributions Expense 15

Dr Miscellaneous Expense 49

Cr Petty cash 183

($17.50+33+56+12.50+15+49)

January 31

Dr Petty cash $183

Cr Cash $183

($17.50+33+56+12.50+15+49)

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