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Assignment help 4278

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…

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