Make journal entries to record the following (see Chart of Accounts for exact wording of account titles):

Instructions

A.

On March 1, a check is written to establish a petty cash fund of $1,080.

B.

On April 1, the amount of cash in the petty cash fund is now $125. A check is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $589; miscellaneous selling expenses, $190; miscellaneous administrative expenses, $150. (Because the amount of the check to replenish the fund plus the balance in the fund does not equal $1,080, record the discrepancy in the cash shortage and excess account.)

CHART OF ACCOUNTS

Ledger

	ASSETS
110	Money
111	Petty money
120	accounts receivable
131	Uncollectible documents
132	interest receivable
141	Merchandise inventory
145	Office supplies
146	supply store
151	prepaid insurance
181	Tierra
191	Office team
192	Accumulated Depreciation-Office Equipment
193	equipment store
194	Accumulated Depreciation Store Equipment

	PASSIVE
210	Accounts payable
221	Pay
222	interest to pay
231	Salaries to pay
241	Sales tax payable

	EQUITY
310	Owner, Equity
311	Owner, Drawing
312	Income Summary

	REVENUE
410	Sales
610	The return on an investment

	BILLS
510	cost of goods sold
515	credit card charges
516	Cash Short and More
520	salary expenses
531	advertising expenses
532	Shipping costs
533	insurance costs
534	Office supply expenses
535	Rental costs
536	Repair Expenses
537	selling expenses
538	Store supply expenses
561	Depreciation Expenses-Office Equipment
562	Depreciation expense store equipment
591	Miscellaneous Administrative Expenses
592	Miscellaneous selling expenses
710	Interest expenses

Answer rating: 100% (QA)

SOLUTION Based on the given information here are the journal entries ... View the full answer