Chapter 7 HW1
Petty cash fund
Journalize each of the following petty cash transactions:
a. Issued a check to establish a petty cash fund of $500. If an amount box does not require an entry, leave it blank.
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.