Stephanie Jo Company established a petty cash fund of $300 on May 1.At the end of the month,the petty cash fund has $42 in cash; receipts for postage,$39; entertainment,$146; and office supplies,$70.Prepare the needed journal entries,recording any discrepancy in the cash short and over account.

Question

Stephanie Jo Company established a petty cash fund of $300 on May 1.At the end of the month,the petty cash fund has $42 in cash; receipts for postage,$39; entertainment,$146; and office supplies,$70.Prepare the needed journal entries,recording any discrepancy in the cash short and over account.​

Quizplus · Accepted Answer

The Answer of Stephanie Jo Company established a petty cash fund of $300 on May 1.At the end of the month,the petty cash fund has $42 in cash; receipts for postage,$39; entertainment,$146; and office supplies,$70.Prepare the needed journal entries,recording any discrepancy in the cash short and over account.​

Stephanie Jo Company Established a Petty Cash Fund of $300