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coral established a petty cash fund of 5000 for incidental expenses on june 1 2016. at the end of the month, the count of cash on hand indicated that...
coral established a petty cash fund of 5000 for incidental expenses on june 1 2016. at the end of the month, the count of cash on hand indicated that 670.40 remained in the fund. a review of the petty cash vouchers disclosed that the following expenses have been paid during the month from the petty cash fund.
office supplies 341.60
transportation 1321.40
postage 780.00
miscellaneous 837.60
representation 1000.00
required: a. what is the amount of shortage in the petty cash fund
b: prepare the necessary adjusting entry on june 30, the company's reporting date, to remove the non-cash items from the petty cash fund.
Petty cash fundAmount of cash in handTotal petty cash vouchersOffice suppliesPostageRepresntationTransportationMiscTotal cash usedShortage in the petty cash fundAccountOffice supplies...