Journalize the entries to record the following: a. Check is issued to establish a petty cash fund of $750.

Journalize the entries to record the following:

a. Check is issued to establish a petty cash fund of $750.

b. The amount of cash in the petty cash fund is now $176. Check is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $248; miscellaneous selling expense, $212; miscellaneous administrative expense, $96. 

(Because the amount of the check to replenish the fund plus the balance in the fund do not equal $750, record the discrepancy in the cash short and over account.)

Answer:

a. 

Petty Cash 750

                 Cash 750

b. 

Office Supplies                      248

Miscellaneous Selling Expense        212

Miscellaneous Administrative Expense  96

Cash Short and Over                   18

         Cash                                 574