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.

Question

Emanuel Pitts

Business

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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Answers (1)

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Abel Gordon · Answer 1

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)