Math  /  Algebra

QuestionPetty Cash Fund
Journalize the necessary entries for each of the following: a. Issued a check to establish a petty cash fund of $1,270\$ 1,270. If an amount box does not require an entry, leave it blank. Feedback
Check My Work a. Recall that the only time Petty Cash is used is when the fund is initially established or increased. b. The amount of cash in the petty cash fund is $160\$ 160. Issued a check to replenish the fund, based on the following summary of petty cash receipts: store supplies, $780\$ 780 and miscellaneous selling expense, $280\$ 280. Record any missing funds in the cash short and over account. If an amount box does not require an entry, leave it blank. Store Supplles Miscellaneous Selling Expense Cash Short and Over Cash \square \square \checkmark \square \square \checkmark \square \square \checkmark \square 1,110

Studdy Solution
Journalize the entry to replenish the petty cash fund. Record the expenses and any discrepancy in the cash short and over account.
Journal Entry: - Debit: Store Supplies 780Debit:MiscellaneousSellingExpense780 - Debit: Miscellaneous Selling Expense 280 - Debit: Cash Short and Over 70(since70 (since 1,110 - 1,060=1,060 = 50 discrepancy) - Credit: Cash $1,110
The journal entries are complete.

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