Prepare journal entries for each of the following: A. Issued a check to establish a petty cash
Question:
Prepare journal entries for each of the following:
A. Issued a check to establish a petty cash fund of $600.
B. The amount of cash in the petty cash fund is $130. Issued a check to replenish the fund, based on the following summary of petty cash receipts: store supplies, $410, and miscellaneous selling expense, $50. Record any missing funds in the cash short and over account.
Step by Step Answer:
Financial And Managerial Accounting
ISBN: 9781337119207
14th Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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