Business, 08.04.2021 22:20 dunk36

Journalize the entries to record the following: a. Check No. 12-375 is issued to establish a petty cash fund of $500.
b. The amount of cash in the petty cash fund is now $40. Check No. 12-476 is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $212; miscellaneous selling expense, $156; miscellaneous administrative expense, $61. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $500, record the discrepancy in the cash short and over account.)

Required:
1. Journalize the entry to establish the petty cash fund.
2. Journalize the entry to replenish the petty cash fund.

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Journalize the entries to record the following: a. Check No. 12-375 is issued to establish a petty...

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