I've just started in my new job and did not set up the original petty cash account. Now I need to replenish my petty cash box but not sure how to post all the receipts and then cut the cheque to replenish it. I have a petty cash account that shows a total of $300DR. Am I correct in assuming I do a J/E posting the receipts as debits to the individual accounts (like office supplies etc) and crediting petty cash. Once that J/E is done how do I set up and post the cheque to replenish my petty cash box?
I also have receipts that total more than the original amount for Petty Cash. My receipts equal $400 but my petty cash shows $300.
Thanks.
Vivienne