1. Prepare journal entries for each of the following:

A.On March 1, issued a check to establish a petty cash fund of $900.

B.On April 1, the amount of cash in the petty cash fund is $115. Issued a check to replenish the fund, based on the following summary of petty cash receipts: store supplies, $550, and miscellaneous selling expense, $200. Record any missing funds in the cash short and over the account.

2. Journal the following:

A. On March 1, issued a check to establish a petty cash fund of $900.

B. On April 1, the amount of cash in the petty cash fund is $115. Issued a check to replenish the fund, based on the following summary of petty cash receipts: store supplies, $550, and miscellaneous selling expense, $200. Record any missing funds in the cash short and over the account.

Answer rating: 100% (QA)

OpeningbalanceofpettycashStoresuppliesMiscellaneousSellingExpenseClosingbalanceofpettycash 90055020... View the full answer