Kiley Company established a petty cash fund of $750 on January 1. On January 31, receipts for the following items were in the petty cash box:
$\begin{array} { | l | r | }
\hline \text { Entertainment } & \text { Postage } \
\hline \text { Maintenance } & \$ 250 \
\hline \text { Office Supplies } & \$ 65 \
\hline \text { Miscellaneous } & \$ 120 \
\hline
\end{array}$

-Refer to the above data. The journal entry on January 31 to record replenishment of the petty cash fund includes:

Question

Kiley Company established a petty cash fund of $750 on January 1. On January 31, receipts for the following items were in the petty cash box:
 $\begin{array} { | l | r | } 
\hline \text { Entertainment } & \text { Postage } \
\hline \text { Maintenance } & \$ 250 \
\hline \text { Office Supplies } & \$ 65 \
\hline \text { Miscellaneous } & \$ 120 \
\hline
\end{array}$

-Refer to the above data. The journal entry on January 31 to record replenishment of the petty cash fund includes:

Quizplus · Accepted Answer

The total expenses from the receipts are $250 (Maintenance) + $65 (Office Supplies) + $120 (Miscellaneous) = $435. The difference between the fund amount ($750) and the remaining cash ($750 - $435 = $315) is $575, which is the amount needed to replenish the fund. Therefore, the journal entry includes debits to various expenses totaling $575.

Kiley Company Established a Petty Cash Fund of $750 on January