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20 February, 23:45

Recall on February 1, Derrick Company established a $200 petty cash fund. On February 15, when the fund balance reached $7, the petty cash custodian prepared a petty cash report that summarized receipts for postage ($140) and printing ($54).

Prepare the necessary journal entry.

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Answers (1)
  1. 21 February, 01:29
    0
    Dr Printing Expense $140

    Dr Postage Expense $54

    Cr Cash Over and Short $1

    Cr Cash $193

    Explanation:

    Derrick Company

    Journal entry

    Dr Printing Expense $140

    Dr Postage Expense $54

    Cr Cash Over and Short $1

    Cr Cash $193

    Cash over and short

    Receipts for postage ($140) printing ($54)

    Fund balance $7

    $140+$54+$7=$201 - 200 petty cash fund

    =$1
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