Question

The petty cash fund of Concord’s Auto Repair Service, a sole proprietorship, contains the following. 1....

The petty cash fund of Concord’s Auto Repair Service, a sole proprietorship, contains the following.

1. Coins and currency $19.80
2. Postage stamps 7.50
3. An I.O.U. from Richie Cunningham, an employee, for cash advance 44.60
4. Check payable to Concord’s Auto Repair from Pottsie Weber, an employee, marked NSF 38.60
5. Vouchers for the following:
Stamps $ 24.60
Two Rose Bowl tickets for Nick Concord 177.00
Printer cartridge (Use the Maintenance and Repairs Expense account) 18.95 220.55
$331.05


The general ledger account Petty Cash has a balance of $335.

Prepare the journal entry to record the reimbursement of the petty cash fund. (Round answers to 2 decimal places, e.g. 15.25. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

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Answer #1

Solution:-

Journal entry to record the reimbursement of the petty cash fund :-

Particulars Debit Credit
Postage stamps $7.50
Postage expenses

= $ 24.60 - $7.50

= $17.10
Printer cartridge $18.95
Two Rose Bowl tickets for Nick Concord $177.00
Cash advance to employee $44.60
Marked NSF $38.60
Cash short and over

= $331.05 - [ $7.50 + $17.10 + $18.95 + $177.00 + $44.60 +  $38.60

= $27.30
Cash

= $335 - $19.80

= $315.20
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