Servicios Múltiples JAAR, SRL created a petty cash fund for RD$2,000.00. During the month, the custodian authorized and signed petty cash disbursements, as described below: Voucher No.ConceptNameAccount Amount1Buy Water BottlePersonnel Services Expense150.002Caribe Tours ShippingTransportation Expense100.003Fuel CourierFuel Expense300.005Copy Closet KeyMaintenance Expense450.006Mouse Pad for ReceptionSupplies Expense75.00 Required:1. Make journal entries for:a. Create the petty cash fund;b. Record the petty cash replenishment;c. Petty cash shortage. The cash in the petty cash fund totals RD$725.00 and, therefore, RD$200.00 is missing. Include explanations.

Petty Cash Fund: It is common for small businesses to keep a modest amount of money on hand (for…

Answered: Servicios Múltiples JAAR, SRL created a…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter7: Accounting For Cash

Section: Chapter Questions

Problem 10SPB

See similar textbooks

Related questions

Concept explainers

Question

Servicios Múltiples JAAR, SRL created a petty cash fund for RD$2,000.00. During the month, the custodian authorized and signed petty cash disbursements, as described below:

Voucher No.	Concept	Name	Account Amount
1	Buy Water Bottle	Personnel Services Expense	150.00
2	Caribe Tours Shipping	Transportation Expense	100.00
3	Fuel Courier	Fuel Expense	300.00
5	Copy Closet Key	Maintenance Expense	450.00
6	Mouse Pad for Reception	Supplies Expense	75.00

Required:

1. Make journal entries for:

a. Create the petty cash fund;

b. Record the petty cash replenishment;

c. Petty cash shortage. The cash in the petty cash fund totals RD$725.00 and, therefore, RD$200.00 is missing. Include explanations.

Expert Solution

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Accounting for Cash and cash equivalents

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions