Journalize the Entries to Record the Following

question 181

Essay

Journalize the entries to record the following:
June 1 Established a petty cash fund of $200.
30 The amount of cash in the petty cash fund is now $57. The fund is replenished based on the following receipts: postage, $25; entertainment, $100; and miscellaneous, $20. Record any missing funds in the cash short and over account.
Journal

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Definitions:

Issue Price

The price at which new or existing securities are offered for sale to the public.

Premium on Bonds Payable

The amount by which a bond's selling price exceeds its principal (face value), reflecting higher-than-market interest rates or low risk.

Par Value

A nominal value assigned to a security by the issuer, which may or may not reflect its actual market value.

Issue Price

The price at which new shares are offered to the public or bonds are sold, which may be above or below the par value.