Kohen Co. establishes a Petty Cash Fund of $100. During the month, Kohen Co. made the following payments from its Petty Cash Fund: Bought pencils and pens, $15.00
Paid postage on packages, $12.00
S. Kohen, the owner, withdrew $45.00 for personal use.
The journal entry to reimburse the fund would be:

Question

Quizplus · Accepted Answer

The correct entry to reimburse the fund involves debiting the specific expenses and the owner's withdrawal (totaling $72) and crediting Cash for the same amount to bring the fund back to its original balance. Supplies ($15) and Miscellaneous Expense ($12) are business expenses, while S. Kohen, Drawing ($45) represents the owner's personal withdrawal.

Kohen Co Establishes a Petty Cash Fund of $100 Petty Cash Fund $72 Cash $72\begin{array} { l c } \text { Petty Cash Fund } & \$ 72 \\\text { Cash } & \$ 72\end{array} Petty Cash Fund Cash ​$72$72​

Kohen Co Establishes a Petty Cash Fund of $100 $\begin{array} { l c } \text { Petty Cash Fund } & \$ 72 \\\text { Cash } & \$ 72\end{array}$