Ask Question
9 January, 18:53

Riverbed Company designated Jill Holland as petty cash custodian and established a petty cash fund of $236. The fund is reimbursed when the cash in the fund is at $31, which it is. Petty cash receipts indicate funds were disbursed for office supplies $94 and miscellaneous expense $89. Prepare journal entries for the establishment of the fund and the reimbursement

+4
Answers (1)
  1. 9 January, 22:28
    0
    The journal entry is shown below:

    Explanation:

    According to the scenario, the journal entries for the given data are as follows:

    Petty cash A/c Dr $236

    To Cash A/c $236

    (Being establishment of the fund is recorded)

    Office supplies A/c Dr $94

    Misc. Expense A/c Dr $89

    Cash Over / Short Dr $22 ($236 - $31 - $89 - $94)

    To Cash A/c $205 ($236 - $31)

    (Being Reimbursement of the fund is recorded)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Riverbed Company designated Jill Holland as petty cash custodian and established a petty cash fund of $236. The fund is reimbursed when the ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers