Prepare journal entries for each of the following: a. Issued a check to establish a petty cash fund of $1,000.

Prepare journal entries for each of the following:

a. Issued a check to establish a petty cash fund of $1,000.

b. The amount of cash in the petty cash fund is $315. Issued a check to replenish the fund, based on the following summary of petty cash receipts: repair expense, $600, and miscellaneous selling expense, $56. Record any missing funds in the cash short and over account.

Answer:

a. 

Petty Cash 1,000

               Cash 1,000

b. 

Repairs Expense 600

Miscellaneous Selling Expense 56

Cash Short and Over 29

                             Cash 685