Patel Enterprises established a petty cash fund on August 3 superscriptrd, 2012 with $200. Over the past few years, as Patel has grown, the fund has been replenished too often. Therefore, management would like to increase the size of the petty cash fund to $400 on August 31 superscriptst, 2015. As of August 15 superscriptth, 2015, the fund was replenished. Between August 16 superscriptth and August 31 superscriptst, the following transactions were reimbursed:
If the cash in the petty cash drawer totaled $73 on August 31 superscriptst and replenishment to the new level was requested, what missing components (??1-3 below) of the journal entry need to be recorded?
Homework Answers
| 31-Aug | Debit | Postage Expense | 52 | |
| Debit | Travel expense | 73 | ||
| Debit | Petty cash | 200 | ||
| Debit | Cash short and over | 2 | ||
| Credit | Cash (400 - 73) | 327 |
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