Question

26. Journalize the entries to record the following: Sept. 1 Established a petty cash fund of $350. 30 The amount of cash in the petty cash fund is now $130. The fund is replenished based on the following receipts: office supplies, S116; postage, $100.Record any missing funds in the cash short and over account. Journal Date Description Post. Ref. Debit Credit Copyright Cengage Learning. Powered by Cognero

Answer 1

Answer 26)

09.01.2019 :- Establish a petty cash account

Petty Cash Account Dr $350

Cash Account Cr $350

09.30.2019:- Recording expenses

Office Supplies Dr    $116

Postage    Dr $100

Cash Short Dr $4

Petty Cash Account Cr $220

Answer 25)   

	Particulars		Total
	Cash Account Balance		$5,080
Add
	Outstanding checks not cleared in Bank	$715
	Total		$715
Less
	Bank Service Charges	$40
	Deposit in Transit	$1,020
	Office Supplies ( recorded short:- ($72-$27)	$45
	Total		$1,105
	Balance as per bank statement		$4,690

Formulas:-

D Particulars Cash Account Balance Total $5,080 Add Oustanding checks not cleared in Bank $715 Total 10 Less Bank Service Charges Deposit in Transit Office Supplies (recorded short:- ($72-$27) $40 $1,020 $45 Total $1,105 Balance as per bank statement $4,690

Formulas

Particulars Cash Account Balance Total 5080 Add Oustanding checks not cleared in Bank 171 Total Less Bank Service Charges Deposit in Transit Office Supplies (recorded short:- ($72-$27) 1020 Total =C12+C11C13 Balance as per bank statement =D3+D8-D15