Journalize the Entries to Record the Following

question 165

Essay

Journalize the entries to record the following:
Sept. 1 Established a petty cash fund of $350
Sept. 30 The amount of cash in the petty cash fund is now $130. The fund is replenished based on the following receipts: office supplies, $116; postage $100.
Record any discrepancy in the cash short and over account.
Journal

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Definitions:

Correcting Entries

Journal entries made to amend previously recorded transactions or entries that were made incorrectly.

Balance Sheet Account

A financial statement line item that represents the assets, liabilities, and shareholders' equity at a specific point in time.

Income Statement Account

An account found on the income statement that records business transactions affecting the company's revenue, expenses, gains, and losses.

Current Assets

Assets that are expected to be converted into cash, sold, or consumed within one year or within the normal operating cycle of the business, whichever is longer.