Question

Calculator Petty Cash Fund Entries Journalize the entries to record the following: a. Check is issued to establish a petty cash fund of $1,500 b. The amount of cash in the petty cash fund is now $510. Check is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $574; miscellaneous selling expense, $238; miscellaneous administrative expense, $149. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $1,500, record the discrepancy in the cash short and over account) a. Journalize the entry to establish the petty cash fund. Petty Cash 1.500 Cash 1.500 b. Journalize the entry to replenish the petty cash fund. For a compound transaction, if an amount box does not require an entry, leave it blank. Office Supplies Miscellaneous Selling Expense Miscellaneous Administrative Expense Cash Short and Over

Answer 1

Journal entry

No	Account and explanation	Debit	Credit
a	Petty Cash	1500
	Cash		1500
b	Office supplies	574
	Miscellaneous selling expense	238
	Miscellaneous administrative expense	149
	Cash short and over	29
	Cash		990