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30 March, 06:04

Journalize the entries to record the following:

March 1 - - Established a petty cash fund of $300.

March 31 - - The amount of cash in the petty cash fund is now $64. The fund is replenished based on the following receipts: office supplies, $137; selling expenses, $112.

Record any discrepancy in the cash short and over account.

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  1. 30 March, 06:07
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    March 1:

    Petty Cash A/c Dr. $300

    To Cash $300

    (To record petty cash fund)

    March 31:

    Office Supplies A/c Dr. 137

    Selling expenses A/c Dr. 112

    To Cash ($300 - $64) $236

    To Over/Short $13

    (To record any discrepancy in the cash short and over account)
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