Questions: April 11 c. on April 11, Grunge Sales decides to increase petty cash to 480. journalize this event. (If amount box does not require an entry, leave it blank.) April 10 b. on April 10, the petty cash fund needs to be replenished. The following receipts are on hand: miscellaneous office expenses 117, postage 93, and entertainment of 94. petty cash on hand is 194. journalize the replenishment of the fund. (Note: if amount box does not require an entry, leave it blank.)

April 11 c. on April 11, Grunge Sales decides to increase petty cash to 480. journalize this event. (If amount box does not require an entry, leave it blank.) April 10 b. on April 10, the petty cash fund needs to be replenished. The following receipts are on hand: miscellaneous office expenses 117, postage 93, and entertainment of 94. petty cash on hand is 194. journalize the replenishment of the fund. (Note: if amount box does not require an entry, leave it blank.)
Transcript text: April 11 c. on April 11, Grunge Sales decides to increase petty cash to $480. journalize this event. (If amount box does not require an entry, leave it blank.) April 10 b. on April 10, the petty cash fund needs to be replenished. The following receipts are on hand: miscellaneous office expenses $117, postage $93, and entertainment of $94. petty cash on hand is $194. journalize the replenishment of the fund. (Note: if amount box does not require an entry, leave it blank.)
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Solution

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To address the questions, we need to journalize the transactions related to the petty cash fund for Grunge Sales on the specified dates.

April 10: Replenishment of Petty Cash Fund

  1. Calculate the total expenses:

    • Miscellaneous office expenses: $117
    • Postage: $93
    • Entertainment: $94
    • Total expenses = $117 + $93 + $94 = $304

  2. Calculate the amount needed to replenish the petty cash fund:

    • Petty cash on hand: $194
    • Total expenses: $304
    • Amount needed to replenish = Total expenses - Petty cash on hand = $304 - $194 = $110

  3. Journal Entry for Replenishment:

    • Debit Miscellaneous Office Expenses: $117
    • Debit Postage: $93
    • Debit Entertainment: $94
    • Credit Cash: $110

April 11: Increase Petty Cash Fund

  1. Determine the increase in the petty cash fund:

    • Current petty cash fund: $194 (from April 10)
    • New petty cash fund: $480
    • Increase in petty cash fund = New fund - Current fund = $480 - $194 = $286

  2. Journal Entry for Increasing Petty Cash:

    • Debit Petty Cash: $286
    • Credit Cash: $286

Summary:

  • On April 10, the petty cash fund is replenished by recording the expenses and crediting cash for the amount needed to bring the fund back to its original level.
  • On April 11, the petty cash fund is increased by debiting the petty cash account and crediting cash for the amount of the increase.
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