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(a) 15 25 Cullumber Retail Shop allows customers to use debit and bank credit cards as well as cash for purchases of merchandise. The company does not accept personal cheques. Cullumber's bank charges $1.25 for every debit card transaction and 4.00% for bank credit card transactions. On July 1, the company established a petty cash fund. Before it created the petty cash fund, cash was taken from the cash register whenever someone needed cash to pay for a small expense. The following transactions happened in July: July 1 8 8 Established the petty cash fund by cashing a cheque for $310.00. Total sales for the week were $32.500.00. Customers paid for these purchases as follows: $11.500.00 in cash, $9,000.00 on debit cards (120 transactions), and the balance using bank credit cards. Replenished the petty cash fund. On this date, the fund consisted of $90.00 in cash and the following petty cash receipts: Repair expense $71.00 Supplies Advertising in local paper Personal withdrawal by owner, R. Cullumber Personal withdrawal by owner, R. Cullumber Advertising in local newspaper Supplies 36.00 90.00 47.00 Total sales for the week were $28,930.00. Customers paid for these purchases as follows: $10,930.00 in cash, $10,00 on debit cards (135 transactions), and the balance using bank credit cards. 96.00 62.00 Replenished the petty cash fund. On this date, the fund consisted of $33.00 in cash and the following petty cash receip Postage $77.00 62.00 Record the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry i required, select "No Entry" for the account titles and enter O for the amounts. Round answers to 2 decimal places 537

(a) 15 25 Cullumber Retail Shop allows customers to use debit and bank credit cards as well as cash for purchases of merchandise. The company does not accept personal cheques. Cullumber's bank charges $1.25 for every debit card transaction and 4.00% for bank credit card transactions. On July 1, the company established a petty cash fund. Before it created the petty cash fund, cash was taken from the cash register whenever someone needed cash to pay for a small expense. The following transactions happened in July: July 1 8 8 Established the petty cash fund by cashing a cheque for $310.00. Total sales for the week were $32.500.00. Customers paid for these purchases as follows: $11.500.00 in cash, $9,000.00 on debit cards (120 transactions), and the balance using bank credit cards. Replenished the petty cash fund. On this date, the fund consisted of $90.00 in cash and the following petty cash receipts: Repair expense $71.00 Supplies Advertising in local paper Personal withdrawal by owner, R. Cullumber Personal withdrawal by owner, R. Cullumber Advertising in local newspaper Supplies 36.00 90.00 47.00 Total sales for the week were $28,930.00. Customers paid for these purchases as follows: $10,930.00 in cash, $10,00 on debit cards (135 transactions), and the balance using bank credit cards. 96.00 62.00 Replenished the petty cash fund. On this date, the fund consisted of $33.00 in cash and the following petty cash receip Postage $77.00 62.00 Record the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry i required, select "No Entry" for the account titles and enter O for the amounts. Round answers to 2 decimal places 537

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Am. 315.

(a) 15 25 Cullumber Retail Shop allows customers to use debit and bank credit cards as well as cash for purchases of merchandise. The company does not accept personal cheques. Cullumber's bank charges $1.25 for every debit card transaction and 4.00% for bank credit card transactions. On July 1, the company established a petty cash fund. Before it created the petty cash fund, cash was taken from the cash register whenever someone needed cash to pay for a small expense. The following transactions happened in July: July 1 8 8 Established the petty cash fund by cashing a cheque for $310.00. Total sales for the week were $32.500.00. Customers paid for these purchases as follows: $11.500.00 in cash, $9,000.00 on debit cards (120 transactions), and the balance using bank credit cards. Replenished the petty cash fund. On this date, the fund consisted of $90.00 in cash and the following petty cash receipts: Repair expense $71.00 Supplies Advertising in local paper Personal withdrawal by owner, R. Cullumber Personal withdrawal by owner, R. Cullumber 36.00 90.00 47.00 62.00 Total sales for the week were $28,930.00. Customers paid for these purchases as follows: $10,930.00 in cash, $10,000.00 on debit cards (135 transactions), and the balance using bank credit cards. 96.00 62.00 Replenished the petty cash fund. On this date, the fund consisted of $33.00 in cash and the following petty cash receipts: Postage $77.00 Advertising in local newspaper Supplies Record the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 2 decimal places, eg. 52.75. List all debit entries before credit entries. Record journal entries in the order presented in the problem.)
Transcribed Image Text:(a) 15 25 Cullumber Retail Shop allows customers to use debit and bank credit cards as well as cash for purchases of merchandise. The company does not accept personal cheques. Cullumber's bank charges $1.25 for every debit card transaction and 4.00% for bank credit card transactions. On July 1, the company established a petty cash fund. Before it created the petty cash fund, cash was taken from the cash register whenever someone needed cash to pay for a small expense. The following transactions happened in July: July 1 8 8 Established the petty cash fund by cashing a cheque for $310.00. Total sales for the week were $32.500.00. Customers paid for these purchases as follows: $11.500.00 in cash, $9,000.00 on debit cards (120 transactions), and the balance using bank credit cards. Replenished the petty cash fund. On this date, the fund consisted of $90.00 in cash and the following petty cash receipts: Repair expense $71.00 Supplies Advertising in local paper Personal withdrawal by owner, R. Cullumber Personal withdrawal by owner, R. Cullumber 36.00 90.00 47.00 62.00 Total sales for the week were $28,930.00. Customers paid for these purchases as follows: $10,930.00 in cash, $10,000.00 on debit cards (135 transactions), and the balance using bank credit cards. 96.00 62.00 Replenished the petty cash fund. On this date, the fund consisted of $33.00 in cash and the following petty cash receipts: Postage $77.00 Advertising in local newspaper Supplies Record the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 2 decimal places, eg. 52.75. List all debit entries before credit entries. Record journal entries in the order presented in the problem.)
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