Question - R Tyron Consulting Company established a $300 petty cash fund by issuing a check to the custofian of the account on February 1. On February 15, the petty cash fund was replenished and increased to $800 in total. The contents of the petty cash fund at the time of the February 15 replenishment were:
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Currency and coins
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$12
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Petty cash receipts for:
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Transportation-in for inventory
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$39
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Delivery Expense
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88
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|
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Repairs to office equipment
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47
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Postage
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64
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Entertainment of customers
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53
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291
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Total
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$303
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Prepare Quibble's general journal entry to record both the reimbursement and the increase of the petty cash fund on February 15.
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Debit
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Credit
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Feb. 15
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Merchandise Inventory
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64
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Delivery Expense
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39
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Repairs Expense
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88
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Postage Expense
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47
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|
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Entertainment Expense
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53
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291
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Petty Cash
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303
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Cash over and short
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12
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Cash
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497
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To reimburse petty cash and increase it to $800.