Question

Transactions for Petty Cash, Cash Short and Over

Wyoming Restoration Company completed the following selected transactions during July 20Y1:

Required:

Journalize the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank.

July 1.

Established a petty cash fund of $800.

12.

The cash sales for the day, according to the cash register records, totaled $12,843.

 

The actual cash received from cash sales was $12,891.

31.

Petty cash on hand was $61. Replenished the petty cash fund for the following

 

disbursements, each evidenced by a petty cash receipt:

 

July 3. Store supplies, $88.

 

July 7. Express charges on merchandise sold, $128 (Delivery Expense).

 

July 9. Office supplies, $56.

 

July 13. Office supplies, $64.

 

July 19. Postage stamps, $67 (Office Supplies).

 

July 21. Repair to fax, $160 (Miscellaneous Administrative Expense).

 

July 21. Repair to office file cabinet lock, $56 (Miscellaneous Administrative Expense).

 

July 22. Postage due on special delivery letter, $43 (Miscellaneous Administrative Expense).

 

July 24. Express charges on merchandise sold, $64 (Delivery Expense).

 

July 30. Office supplies, $40.

31.

The cash sales for the day, according to the cash register records, totaled $16,021.

 

The actual cash received from cash sales was $16,006.

31.

Decreased the petty cash fund by $200.

 



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