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Established a petty cash fund of $1,000. Solved Transactions for Petty Cash, Cash Short and Over - Chegg Note: When cash comes into the business, you debit the Cash A/c and when cash goes out, you credit the Cash A/c. 12. June 18. Create a log. The actual cash received from cash sales was $9800. sold was $22,600. 10 comma 00010,000 Cash Over and Short account is also used for Petty Cash overages and shortages. In the example, if your petty cash accounts original balance was $1,000, subtract $550 from $1,000 to get $450, which is the amount by which you need to replenish the account. Established a petty cash fund of $1,000. 3,6 Wyoming Restoration Company completed the following selected transactions during July 20Y1:; July 1. 12, The cash sales for the day, according to the cash register records, totaled $8,192. The physical transactions for petty cash, cash short and over need recording with the appropriate journal entries. 12. The Cash Short (Over) account is an income statement type account. Replenished the petty cash fund The cash sales for the day, according to the cash register Transactions for petty cash, cash short and over Business Principles of Accounting 1 PR 7-2A Transactions for petty cash, cash short and over Obj. Think of this as finding money on the ground. 12. Postage due on special delivery letter, $9 (Miscellaneous Administrative Expense). 12. He finds that the box contains $45 of cash and $135 of receipts, which totals only $180. Remaining cash in the fund was $365, bringing the total to $980 ($615 + $365; a $20 shortage was noted and replenished. The actual cash received from cash sales was $9,506. QuickBooks How To | Free QuickBooks Online Training, Accounting for a Merchandising Business | Accounting Student Guide. Transactions for petty cash, cash short and over Accounting Ch. 7 Flashcards | Quizlet Corruption may involve many activities which include bribery, influence peddling and the embezzlement and it may also involve practices which are legal in many . [Solved]: Transactions for Petty Cash, Cash Short and Over C Purchased merchandise on account from Moonlight Co., list price The difference is debited to Cash Short (Over): To replenish petty cash; receipts on hand of $615 office supplies ($390), gasoline ($155), coffee and drinks ($70). Replenished the petty cash fund for the following disbursements, 19. When the cash in the register is more than the register record, the cash is accounted for as revenue. Petty Cash | Cash Over and Short | Financial Accounting CPA Course Established a petty cash fund of $1,400. link to What is a Cost Object in Accounting? records, totaled $10,951. Petty cash on hand was $75. The petty cash journal entry is a debit to the petty cash account and a credit to the cash account.