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Prepare journal entries for each of the following. For a compound transaction, if an amount box...

Prepare journal entries for each of the following. For a compound transaction, if an amount box does not require an entry, leave it blank.

a. Issued a check to establish a petty cash fund of $800.

Petty Cash
Cash

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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 $260. Issued a check to replenish the fund, based on the following summary of petty cash receipts: store supplies, $313 and miscellaneous selling expense, $200. Record any missing funds in the cash short and over account. For a compound transaction, if an amount box does not require an entry, leave it blank.

Store Supplies
Miscellaneous Selling Expense
Cash Short and Over
Cash
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Answer #1
Petty Cash $   800
Cash $   800
Store Supplies $   313
Miscellaneous Selling Expense $   200
Cash Short and Over $     27
Cash ($800-$260) $   540

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