Journalize the entries to record the following (refer to the Chart of Accounts for exact wording of
Question:
Journalize the entries to record the following (refer to the Chart of Accounts for exact wording of account titles):
Instructions | |
A. | On March 1, Check is issued to establish a petty cash fund of $1,125. |
B. | On April 1, the amount of cash in the petty cash fund is now $130. Check is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $646; miscellaneous selling expense, $184; miscellaneous administrative expense, $149. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $1,125, record the discrepancy in the cash short and over account.) |
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A. On March 1, journalize the following transaction: Check is issued to establish a petty cash fund of $1,125. Refer to the Chart of Accounts for exact wording of account titles.
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JOURNAL
ACCOUNTING EQUATION
DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | ASSETS | LIABILITIES | EQUITY | |
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1 | ||||||||
2 |
B. On April 1, the amount of cash in the petty cash fund is now $130. Check is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $646; miscellaneous selling expense, $184; miscellaneous administrative expense, $149. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $1,125, record the discrepancy in the cash short and over account.) Refer to the Chart of Accounts for exact wording of account titles.
PAGE 1
JOURNAL
ACCOUNTING EQUATION
DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | ASSETS | LIABILITIES | EQUITY | |
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1 | ||||||||
2 | ||||||||
3 | ||||||||
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Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren