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A company established a $400 petty cash. On October 15, there was $16 remaining in the petty cash fund on that date and there were petty cash receipts for travel expense, $39, delivery expense, $138, and office expenses, $214. The petty cash fund was replenished and increased to $1,000 in total. Required: Prepare the journal entry, if any, required, to record the replenishment of the petty cash fund and the increase in its amount on October 15. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

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Answer:

On October 15

Travel expense $39  

Delivery Expense $138  

Office expense $214  

Petty cash ($1000 - $400) $600  

Cash over and short ($400 - $39 - $138 - $214 - $16)  $7

             To Cash  $984

(Being the replenishment of the petty cash fund is recorded)

Explanation:

The journal entry is shown below:

On October 15

Travel expense $39  

Delivery Expense $138  

Office expense $214  

Petty cash ($1000 - $400) $600  

Cash over and short ($400 - $39 - $138 - $214 - $16)  $7

             To Cash  $984

(Being the replenishment of the petty cash fund is recorded)

For recording this journal entry we debited the all expenses incurred plus the petty cash is also debited and cash is credited and the remaining balance is transferred to the cash over and short

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