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Provide journal entries including the replenishment of fund

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1. An entity established a petty cash funds (PCF) 00f 30,000 on Oct. 1, 20x1. During the month, 24,260 have been disbursed from the PCF, and by the end of the month, the PCF box contains coins and currencies amounting to 5,625.

Requirement: Provide the journal entries including the replenishment of the fund at the month-end. Use a suspense account to record any discrepancy.

2. Use the information in #1 above but assume the PCF is not replenished and financial statements are prepared at month end. Assume further that all discrepancies in the PCF are chargeable to the petty cash custodians.

Requirement: Provide the adjusting entry and determine the amount of OCF that will be reported in the financial statements.

Reference no: EM132822744

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