Asked by Cassie Collins on Jun 16, 2024
Verified
Journalize the entries to record the following:
March 1
Established a petty cash fund of $300.March 31
The amount of cash in the petty cash fund is now $64. The fund is replenished based on the following receipts: office supplies, $137; selling expenses, $112.Record any discrepancy in the cash short and over account.
Journal 
Cash Short
A situation where the actual cash on hand is less than the expected amount, often detected through cash register or petty cash reconciliations.
Selling Expenses
Costs directly associated with the marketing and selling of products or services.
- Evident the capacity to accurately enter cash transactions in journal entries.
- Prepare and understand the significance of petty cash funds in business operations.
Verified Answer
CV
Learning Objectives
- Evident the capacity to accurately enter cash transactions in journal entries.
- Prepare and understand the significance of petty cash funds in business operations.