1. You prepared the check on June 3, 2026 (Check 71), went to the bank and cashed the check. On the way back you stopped at Home Depot to purchase a small locked box to keep the Petty Cash in. You gave the cash and the lock box to Rose and instructed her to keep the cash in the box locked in her desk drawer (also to be locked) 2. On September 30, 2026, Rose gathered and summarized all of the small expenses that she paid from the Petty Cash Box. She counted $74.75 left in the petty cash box. To have good internal controls, she turns over the worksheet with receipts stapled on back to you so you can create the check to replenish the Petty Cash Fund (check 72). Enter each line separately on the check and use the description field in QB for the expense description (this is a good idea for internal control). Since the company used the funds so quickly, Craig also has asked you to increase the fund to $450.
1. You prepared the check on June 3, 2026 (Check 71), went to the bank and cashed the check. On the way back you stopped at Home Depot to purchase a small locked box to keep the Petty Cash in. You gave the cash and the lock box to Rose and instructed her to keep the cash in the box locked in her desk drawer (also to be locked) 2. On September 30, 2026, Rose gathered and summarized all of the small expenses that she paid from the Petty Cash Box. She counted $74.75 left in the petty cash box. To have good internal controls, she turns over the worksheet with receipts stapled on back to you so you can create the check to replenish the Petty Cash Fund (check 72). Enter each line separately on the check and use the description field in QB for the expense description (this is a good idea for internal control). Since the company used the funds so quickly, Craig also has asked you to increase the fund to $450.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1. You prepared the check on June 3, 2026 (Check 71), went to the bank and cashed the check. On the way back you stopped at Home Depot to purchase a small locked box to keep the Petty Cash in. You gave the cash and the lock box to Rose and instructed her to keep the cash in the box locked in her desk drawer (also to be locked)
2. On September 30, 2026, Rose gathered and summarized all of the small expenses that she paid from the Petty Cash Box. She counted $74.75 left in the petty cash box. To have good internal controls, she turns over the worksheet with receipts stapled on back to you so you can create the check to replenish the Petty Cash Fund (check 72). Enter each line separately on the check and use the description field in QB for the expense description (this is a good idea for internal control). Since the company used the funds so quickly, Craig also has asked you to increase the fund to $450.
Transcribed Image Text:Date
Petty Cash Log
From June 3, 2026 - September 30, 2026
By: Rose Nyelin
Expense
6/3/2026
Lock Box (Home Depot)
7/3/2026 4th of July Picnic (Pick N Save)
7/15/2026 Shovel (Home Depot)
7/27/2026 File Folders & Envelopes (Office Depot)
8/10/2026 Dropped off excess dirt from various jobs
8/12/2026 Printed a flier for a promotion to include with the
statements sent to customers (Kinkos)
8/23/2026 Postage for office (US Post Office)
9/3//2026 Craig took potential Client to Lunch
9/18/2026
Rented Post-hole digger for job (ABC Rental)
NOTE: Make this billable to Cool Cars
Account
Office Expenses
Misc. Expense
Supplies
Office Expenses
Disposal Fees
Stationery & Printing
Postage Expense
Meals & Entertainment
Equipment Rental
Total
Amount
$15.00
$63.25
$27.50
$18.50
$20.00
$35.00
$56.00
$33.00
$57.00
$325.25
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