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31 December, 22:36

Instructions

A. On March 1, Check is issued to establish a petty cash fund of $1,050.

B. On April 1, the amount of cash in the petty cash fund is now $106. Check is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $603; miscellaneous selling expense, $183; miscellaneous administrative expense, $136. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $1,050, record the discrepancy in the cash short and over account.)

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Answers (1)
  1. 1 January, 01:45
    0
    March 1, 202x, petty cash fund established

    Dr Petty cash fund 1,050

    Cr Cash 1,050

    April 1, 202x, petty cash expenses

    Dr Supplies expense 603

    Dr Miscellaneous selling expense 183

    Dr Miscellaneous administrative expense 136

    Dr Cash short and over 22

    Cr Petty cash 944

    April 1, 202x, petty cash fund is replenished

    Dr Petty cash 944

    Cr Cash 944
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