1) What would be the journal entry to setup (the Companys first petty cash fund) a $500 petty cash fund?

Account Debit Credit

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Answer

2) If the petty cash box contained the following, what would be the journal entry to replenish petty cash?Assume it is replenished from the operating cash account.

$50 receipt for Repairs

$150 receipt for office supplies

$200 for auto expense

$50 for charitable contributions

$50 Cash

Account Debit Credit

Answer

Answer

Answer

Answer

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Indicate whether the following are 1) added to or subtracted from 2) the bank total or the Companys records (book balance)

1) Add or SubBank or Book

a) Outstanding checksAnswerAnswer

b) Deposit-in-transitAnswerAnswer

c) Bank chargesAnswerAnswer

d) A check incorrectly recordedAnswerAnswer

in the Companys journal for $10,

but correctly cleared the bank for $100