question archive Journalize the entries to record the following: a

Journalize the entries to record the following: a

Subject:AccountingPrice:2.89 Bought3

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.)

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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