The last custodian of the petty cash fund was hospitalized and you have been asked to take stock of the fund and replenish it. When you receive the fund, it has $299 in cash and receipts as follows: Office supplies $ 295 Advertising 120 Transportation by taxi 75 \begin{array} { l r } ext { Office supplies } & \$ 295 \ ext { Advertising } & 120 \ ext { Transportation by taxi } & 75\end{array} Office supplies Advertising Transportation by taxi $295 120 75 The petty cash fund was established to have $800 in it.Based on what you have found, what journal entry should be recorded to replenish the fund?

Question

The last custodian of the petty cash fund was hospitalized and you have been asked to take stock of the fund and replenish it. When you receive the fund, it has $299 in cash and receipts as follows:​    Office supplies  $ 295  Advertising  120  Transportation by taxi  75 \begin{array} { l r } 	ext { Office supplies }  &  \$ 295 \	ext { Advertising }  &  120 \	ext { Transportation by taxi }  &  75\end{array}  Office supplies   Advertising   Transportation by taxi  ​ $295 120 75 ​   The petty cash fund was established to have $800 in it.Based on what you have found, what journal entry should be recorded to replenish the fund?

marcial hamor · Accepted Answer

Final Answer :   Office Supplies  295  Advertising Expense  120  Transportation Expense  75  Cash Short and Over  11  Cash  501 \begin{array} { l r r } 	ext { Office Supplies }  &  295  &  \	ext { Advertising Expense }  &  120  &  \	ext { Transportation Expense }  &  75  &  \	ext { Cash Short and Over }  &  11  &  \\quad 	ext { Cash }  &   &  501\end{array}  Office Supplies   Advertising Expense   Transportation Expense   Cash Short and Over   Cash  ​ 295 120 75 11 ​ 501 ​

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