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Journalize the entries to record the following:
March 1 -- Established a petty cash fund of $300.
March 31 -- The amount of cash in the petty cash fund is now $64. The fund is replenished based on the following receipts: office supplies, $137; selling expenses, $112.
Record any discrepancy in the cash short and over account.

Respuesta :

Answer:

March 1:

Petty Cash A/c       Dr. $300

To Cash                               $300

(To record petty cash fund)

 

March 31:

Office Supplies A/c          Dr. 137

Selling expenses A/c       Dr. 112

To Cash ($300 - $64)                        $236

To  Over/Short                                    $13

(To record any discrepancy in the cash short and over account)

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