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Wilkinson Company established a $100 petty cash fund on August 1. On August 31, the fund had $7 cash remaining and petty cash receipts for postage $31, office supplies $42, and miscellaneous expense $16. Prepare journal entries to establish the fund on August 1 and replenish the fund on August 31.

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  1. Today, 18:10
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    Answer and Explanation:

    The Journal entry is shown below:-

    August 1

    Petty Cash Dr, $100

    To Cash $100

    (Being establishment of petty cash fund is recorded)

    August 31

    Postage expenses Dr, $31

    Office supplies Dr, $42

    Miscellaneous expenses Dr, $16

    Cash short and over $4

    ($100 - $31 - $42 - $16 - $15)

    To Cash $93

    (Being petty cash fund replenished is recorded)

    Petty Cash Dr, $93

    ($100 - $7)

    To Cash $93

    (To record reimburse the fund)
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Home » Business » Wilkinson Company established a $100 petty cash fund on August 1. On August 31, the fund had $7 cash remaining and petty cash receipts for postage $31, office supplies $42, and miscellaneous expense $16.
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