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Question - Petty Cash Fund - Prepare journal entries for each of the following:
a. Petty Cash Issued a check to establish a petty cash fund of $500. If an amount box does not require an entry, leave it blank.
Recall that the only time Petty Cash is used is when the fund is initially established or increased.
b. The amount of cash in the petty cash fund is $85. Issued a check to replenish the fund, based on the following summary of petty cash receipts: store supplies, $360 and miscellaneous selling expense, $40. Record any missing funds in the cash short and over account. If an amount box does not require an entry, leave it blank.
Financial Statement Analysis and Preparation
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