Petty Cash Murdstone, Inc. issued a check on January 2 to establish a...
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Accounting
Petty Cash Murdstone, Inc. issued a check on January 2 to establish a petty cash fund of $500. On January 31, the amount of cash in the petty cash fund is $443. The company would like to issue a check to replenish the fund, based on the following summary of petty cash receipts: Amount on Receipt Account Office Supplies $28 Miscellaneous Administrative Expense 23 The company's policy is to record any missing funds in the cash short and over account. The new intern has prepared a proposed journal entry to record the replenishing of the petty cash fund: Date Description Debit Credit Jan. 31 Petty Cash 51 Cash 51 Prepare for your discussion with the intern by journalizing the correct entry for the replenishment of the petty cash fund. If an amount box does not require an entry, leave it blank. Jan. 31
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