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.)
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 |
Get Answers For Free
Most questions answered within 1 hours.