The last custodian of the petty cash fund was hospitalized and you have been asked to take stock of the fund and replenish it. When you receive the fund, it has $299 in cash and receipts as follows:
Office supplies$295
Advertising120
Transportation by Taxi75
The petty cash fund was established to have $800 in it.
Based on what you have found, what journal entry should be recorded to replenish the fund?

Question

Quizplus · Accepted Answer

The Answer of The last custodian of the petty cash fund was hospitalized and you have been asked to take stock of the fund and replenish it. When you receive the fund, it has $299 in cash and receipts as follows:
Office supplies$295
Advertising120
Transportation by Taxi75
The petty cash fund was established to have $800 in it.
Based on what you have found, what journal entry should be recorded to replenish the fund?

The Last Custodian of the Petty Cash Fund Was Hospitalized