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Journalize the entries to record the following: March 1 Established a petty cash fund of $527. March 31 The amount of cash in the petty cash fund is now $354. The fund is replenished based on the following receipts: office supplies, $58 selling expenses, $123. Record any discrepancy in the cash short and over account. If an amount box does not require an entry, leave it blank or enter "0".Mar. 1 Petty Cash 527Cash 527Mar. 31 Office Supplies 58Selling Expenses 123Cash Short and Over ?Cash ?

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Answer:

1. Dr Petty Cash $527

Cr Cash $527

2. Dr Office Supplies 58

Dr Selling Expenses $123

Dr Cash Over and Short $8

Cr Cash $173

Explanation:

1. Preparation of the Journal entry to replenish petty cash

March 1

Dr Petty Cash $527

Cr Cash $527

(To replenish petty cash)

2. Preparation of the journal entry to Record any discrepancy in the cash short and over account.

March 31

Dr Office Supplies 58

Dr Selling Expenses $123

Dr Cash Over and Short $8

($173-$58-$123)

Cr Cash $173

($527-$354)

(To Record any discrepancy in the cash short and over account)