a. Check is issued to establish a petty cash fund of $750.
b. The amount of cash in the petty cash fund is now $176. Check is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $248; miscellaneous selling expense, $212; miscellaneous administrative expense, $96.
(Because the amount of the check to replenish the fund plus the balance in the fund do not equal $750, record the discrepancy in the cash short and over account.)
Answer:
a.
Petty Cash 750
Cash 750
b.
Office Supplies 248
Miscellaneous Selling Expense 212
Miscellaneous Administrative Expense 96
Cash Short and Over 18
Cash 574