The petty cash custodian reported the following transactions during the month. Prepare the journal entry to record the replenishment of the fund. A $13 cash payment is made to Starbucks to purchase coffee for a business client, a $46 cash payment is made for supplies purchased from Office Depot, and a $33 cash payment is made to UPS to deliver goods to a customer. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

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Zviko Zviko · Answer 1 · 2020-03-05T09:03:21+01:00

Answer:

Petty Cash Fund $92 (debit)

Cash $92 (credit)

Explanation:

Petty Cash Custodian is granted an amount of money for petty cash expenses at the beginning of the period.

The Petty Cash Accounts depletes the Petty Cash Custodian incurs expenses during the period

The following journals shows show the Petty Cash Depletes

Coffee - Starbucks $13 (debit)

Supplies - Office Depot $ 46 (debit)

UPS - Delivery Costs $ 33

Petty Cash (credit) $92

The Petty Cash depleted by $92 during the period. The Petty Cash account has to be replenished by this amount from the Cash Book

andromache andromache · Answer 2 · 2022-03-03T13:40:09+01:00

The journal entry to record the replenishment of the fund is

Petty Cash Fund $92

Cash $92

Before proceeding with the journal entry, we have to determine the total amount

= cash payment made to starbucks + cash payment to supplies + cash payment to UPS

= $13 + $46 + $33

= $92

Now the journal entry is

Petty Cash Fund $92

Cash $92

(To record the replenishment of the funds)

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