The last custodian of the petty cash fund was hospitalized and you have been asked to take stock of the fund and replenish it. When you receive the fund, it has $299 in cash and receipts as follows: Office supplies $295
Advertising 120
Transportation by Taxi 75

The petty cash fund established to have $800 in it,
Based on what you have found, what journal entry should be recorded to replenish the fund?

                               General Journal

Accounts Titles and Explanation          Debit     Credit

Office supplies                                        $295

Advertising expense                               $120

Transportation expense                          $75

Cash short and over                                $11

Cash ($800 - $299)                                                 $501

(Being replenishment of fund recorded)

the answer would be voluntary exchange -

"the act of buyers and sellers freely and willingly engaging in market transactions. moreover, transactions are made in such a way that both the buyer and the seller are better off after the exchange than before it occurred."

hope this : )

-shy

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