Prepare the Journal Entries for the Following Petty Cash Transactions

question 52

Essay

Prepare the journal entries for the following petty cash transactions of Williamson Dental Supplies.Omit explanations.
$$\begin{array} { | r | r | } \hline \text { Aug. 1 } & \text { Established a petty cash fund with a } \$ 200 \text { balance } \\\hline & \text { The petty cash fund has } \$ 43 \text { in cash and } \$ 154 \text { in } \\& \text { petty cash tickets there were issued to pay for Office } \\&\text { Expense } ( \$ 75 ) \text { and Repair Expense } ( \$ 79 ) \\\text { Aug. 31 } & \text { Replenished the fund and recorded the expenditures } \\\hline \text { Oct. 15 } & \text { Increased the balance of the petty cash fund to } \$ 250 \\\hline\end{array}$$

---

Definitions:

Market Demand Curve

represents the total quantity of a good or service that consumers in a market are willing and able to purchase at different prices.

Quantity Demanded

The total amount of a good or service consumers are willing and able to purchase at a specific price.

Price

The amount of money expected, required, or given in exchange for an item or service in a market.

Normal Good

A good for which demand increases as the income of consumers increases, and vice versa.