Question

p8-26(Similar to)

X P8-26A (similar to) Suppose that on June 1, Bash Gyrations, a disc jockey service, creates a petty cash fund with an imprest balance (Click the icon to view the petty cash tickets.) On June 30, prior to replenishment, the fund contains these tickets plus cash of $233. The accounts affected by pe Read the requirements Requirement 1. On June 30, how much cash should this petty cash fund hold before it's replenished? 240 Before replenishment, the petty cash fund should hold cash of S Requirement 2. Journalize all required entries to (a) create the fund and (b) replenish it. Include explanations. (Rec Jounalize the crestion of the fund. Accounts and Explanation Credit Debit Date Petty Cash 400 Jun. 1 Cash 400 To open the petty cash fund Journalize the replenishment of the fund. (Prepare a single compound journal entry.) Date Accounts and Explanation Debit Credit Entertainment Expense Jun. 30 Office Supplies 50 Postage Expense 20 Cash Short and Over Cesh To replenish the petty cash fund Choose from anv

Answer 1

Date	Account Tittle & Explanation	Debit	Credit
1-May	Petty Cash (475-400)	$75.00
	Cash		$75.00
	TO Record increase thee fund balance