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16 March, 14:22

At the time a $400 petty cash fund is being replenished, the company's accountant finds vouchers totaling $350 and petty cash of $50. The vouchers include: postage, $100; business lunches, $150; delivery fees, $75; and office supplies, $25. Which of the following is not recorded when recognizing expenditures from the petty cash fund?

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  1. 16 March, 18:19
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    The journal entry to record the expenditure account is shown below:

    Postage A/c Dr $100

    Business lunches A/c Dr $150

    Delivery fees A/c Dr $75

    Office supplies / c Dr $25

    To Petty cash A/c $350

    (Being expenditure is recorded)

    So, the debit petty cash account would not be considered as it is credited while passing the journal entry.
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Home » Business » At the time a $400 petty cash fund is being replenished, the company's accountant finds vouchers totaling $350 and petty cash of $50. The vouchers include: postage, $100; business lunches, $150; delivery fees, $75; and office supplies, $25.
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