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Journalize the entries to record the following: a
Journalize the entries to record the following:
a. Check No 6500 is issued to establish a petty cash fund of $1,200.
b. The amount of cash in the petty cash fund is now $200. Check No. 6527 is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $650; miscellaneous selling expense, $230; miscellaneous administrative expense, $90. (Since the amount of the check to replenish the fund plus the balance in the fund do not equal $1,200, record the discrepancy in the cash short and over account.)
Expert Solution
a. Petty Cash............................................................. 1,200
Cash.......................................................................... 1,200
b. Office Supplies......................................................... 650
Miscellaneous Selling Expense................................. 230
Miscellaneous Administrative Expense...................... 90
Cash Short and Over.................................................. 30
Cash.......................................................................... 1,000
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