Prepare journal entries for the transactions

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Reference no: EM13824079

Prepare Journal Entries for the following transactions.

1. A check was issued for 98.05 to replenish the petty cash fund. A total of 1.95 is all that remains in the petty cash box at this time. All of the receipts have been accounted for and the summary below shows the following expenditures have been made from the fund.

Store & Shop Supplies 87.50

Miscellaneous Expense 7.50

2. Customer Christine Nelson returned one of the batteries which she purchased on credit June 26 for a retail price of 58.80 plus sales tax of 8%. The returned batter inventory stock number is KW001 and has a wholesale cost of $29.40. Issued a credit memorandum and credited Christine's account, returning the item to inventory.

Reference no: EM13824079

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