BUSINESS

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

disbursements:

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.

 

 

  General Journal    
Date Description Debit Credit
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         

 

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? ____________________________________

 

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