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Recall on February 1, Derrick Company established a $200 petty cash fund. On February 15, when the fund balance reached $7, the petty cash custodian prepared a petty cash report that summarized receipts for postage ($140) and printing ($54).

Prepare the necessary journal entry.

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Answer:

Dr Printing Expense $140

Dr Postage Expense $54

Cr Cash Over and Short $1

Cr Cash $193

Explanation:

Derrick Company

Journal entry

Dr Printing Expense $140

Dr Postage Expense $54

Cr Cash Over and Short $1

Cr Cash $193

Cash over and short

Receipts for postage ($140) printing ($54)

Fund balance $7

$140+$54+$7=$201- 200 petty cash fund

=$1

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