ournalize the entries to record the following: June 1 Established a petty cash fund of $200. 30 The amount of cash in the petty cash fund is now $57. The fund is replenished based on the following receipts: postage, $25; entertainment, $100; and miscellaneous, $20. Record any discrepancy in the cash short and over account. If an amount box does not require an entry, leave it blank.

Question

Danna Wolfe

Business

23 August, 22:33

ournalize the entries to record the following: June 1 Established a petty cash fund of $200. 30 The amount of cash in the petty cash fund is now $57. The fund is replenished based on the following receipts: postage, $25; entertainment, $100; and miscellaneous, $20. Record any discrepancy in the cash short and over account. If an amount box does not require an entry, leave it blank.

+1

Answers (1)

Know the Answer?

Anabel Calderon · Answer 1

The journal entries are as follows:

(i) On June 1,

Petty cash A/c Dr. $200

To cash $200

(To record petty cash established)

(ii) On June 30,

Postage A/c Dr. $25

Entertainment A/c Dr. $100

Miscellaneous A/c Dr. $20

To cash short and over A/c $2

To cash ($200 - $57) $143

(To record cash replenishment)