Journalize the Entries to Record the Following

question 178

Essay

Journalize the entries to record the following:
Apr. 1
Established a petty cash fund of $350.10
Cash sales for the day, according to the cash register records, totaled $3,120. The actual cash received from cash sales was $3,122.30
The amount of cash in the petty cash fund is now $130. The fund is replenished based on the following petty cash receipts: office supplies, $98; postage, $106; miscellaneous, $12. Record any missing funds in the cash short and over account.30
Cash sales for the day, according to the cash register records, totaled $6,350. The actual amount of cash received for the day was $6,336.30
Decreased the petty cash fund by $100.​
Journal

---

Definitions:

Average Fixed Cost

The fixed costs of production divided by the quantity of output produced, decreasing as more is produced.

Short Run

A time period in economics where at least one factor of production is fixed, limiting the ability of businesses to adjust to changing market conditions.

Equilibrium Price

The price at which the quantity of a good or service demanded equals the quantity supplied, leading to market balance.

Demand Curve

is a graph showing the relationship between the price of a good or service and the quantity demanded by consumers, typically downsloping to indicate that lower prices increase demand.