Reference no: EM131715058

Journalize the entries to record the following (refer to the Chart of Accounts for exact wording of account titles):

A. Check No. 12-375 is issued to establish a petty cash fund of $1,035.

B. The amount of cash in the petty cash fund is now $100. Check No. 12-476 is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $529; miscellaneous selling expense, $210; miscellaneous administrative expense, $163. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $1,035, record the discrepancy in the cash short and over account.)

ASSETS

110 Cash
111 Petty Cash
120 Accounts Receivable
131 Notes Receivable
132 Interest Receivable
141 Merchandise Inventory
145 Office Supplies
146 Store Supplies
151 Prepaid Insurance
181 Land
191 Office Equipment
192 Accumulated Depreciation-Office Equipment
193 Store Equipment
194 Accumulated Depreciation-Store Equipment

LIABILITIES

210 Accounts Payable
221 Notes Payable
222 Interest Payable
231 Salaries Payable
241 Sales Tax Payable

EQUITY

310 Common Stock
311 Retained Earnings
312 Dividends
313 Income Summary

REVENUE

410 Sales
610 Interest Revenue

EXPENSES

510 Cost of Merchandise Sold
515 Credit Card Expense
516 Cash Short and Over
520 Salaries Expense
531 Advertising Expense
532 Delivery Expense
533 Insurance Expense
534 Office Supplies Expense
535 Rent Expense
536 Repairs Expense
537 Selling Expenses
538 Store Supplies Expense
561 Depreciation Expense-Office Equipment
562 Depreciation Expense-Store Equipment
591 Miscellaneous Administrative Expense
592 Miscellaneous Selling Expense
710 Interest Expense