PROBLEM #2 – 18 points
Jenrob Company completed the following selected transactions during January 20XX.
January 1 Established a petty cash fund of $500
15 The cash sales for the day per the register tape were $3,018.
The actual cash received from cash sales were $3,011.
31 Petty cash on hand was $123. Replenished the petty cash fund for the following
Jan 2 Office supplies, $45
10 Postage due on letter, $29 (Miscellaneous Expense)
14 Office supplies, $56.
17 Postage stamps, $42 (Office Supplies).
20 Express charges on merchandise sold, $136 (Delivery Expense).
22 Repair to desk, $63 (Miscellaneous Expense).
30 Office supplies, $12.
31 The cash sales for the day per the register tape were $2,812.
The actual cash received from cash sales were $2,822.
31 Decreased the petty cash fund by $100.
What is the balance in the cash short/over account (DR or CR & $ amount)? Is it a revenue or an expense?
Balance in Cash Short/Over? ______________________________
Revenue or Expense? ____________________________________