Chart of Accounts: Cash Petty Cash Fund 111 Petty Cash Fund Accounts Payable Sue Bird, Capital Sue Bird, Drawing Ashley Robinson, Capital Ashley Robinson, Drawing Income from Services 112 Exercise 1 221 311 312 313 314 On May 1 of this year, Start With Urself Clinic established a Petty Cash Fund. The following petty cash transactions took place during the month: 411 Office Supplies Expense Delivery Expense Miscellaneous Expense 511 512 513 Directions: 1. Record the disbursements of petty cash in the petty cash payments record, starting with page 6. Cashed check no. 8784 for $150.00 to establish petty cash fund and put the $150.00 in a locked drawer in the office. 20XX May 2 Bought postage stamps $13.60, voucher #5 (Miscellaneous Expense) 4 Issued voucher for taxi fare $25.50, voucher #6 7 Issued voucher 7 for delivery of props to WNBA Delivery Service, $13.50. S. Bird withdrew $30.00 for personal use, voucher #8. 11 Bought balloons for show $15.75, voucher #9 (Office Supplies) 14 Bought construction paper for company $6.80, voucher #10 17 Bought markers for company $5.45, voucher #11 21 Ashley Robinson withdrew for personal use $25.00, voucher #12 29 Issued voucher for taxi fare $13.41, voucher #13 31 Issued for cash check no. 8794 for $149.01 to reimburse Petty Cash Fund.
Chart of Accounts: Cash Petty Cash Fund 111 Petty Cash Fund Accounts Payable Sue Bird, Capital Sue Bird, Drawing Ashley Robinson, Capital Ashley Robinson, Drawing Income from Services 112 Exercise 1 221 311 312 313 314 On May 1 of this year, Start With Urself Clinic established a Petty Cash Fund. The following petty cash transactions took place during the month: 411 Office Supplies Expense Delivery Expense Miscellaneous Expense 511 512 513 Directions: 1. Record the disbursements of petty cash in the petty cash payments record, starting with page 6. Cashed check no. 8784 for $150.00 to establish petty cash fund and put the $150.00 in a locked drawer in the office. 20XX May 2 Bought postage stamps $13.60, voucher #5 (Miscellaneous Expense) 4 Issued voucher for taxi fare $25.50, voucher #6 7 Issued voucher 7 for delivery of props to WNBA Delivery Service, $13.50. S. Bird withdrew $30.00 for personal use, voucher #8. 11 Bought balloons for show $15.75, voucher #9 (Office Supplies) 14 Bought construction paper for company $6.80, voucher #10 17 Bought markers for company $5.45, voucher #11 21 Ashley Robinson withdrew for personal use $25.00, voucher #12 29 Issued voucher for taxi fare $13.41, voucher #13 31 Issued for cash check no. 8794 for $149.01 to reimburse Petty Cash Fund.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:**Petty Cash Fund Exercise 1**
**Chart of Accounts:**
- Cash: 111
- Petty Cash Fund: 112
- Accounts Payable: 221
- Sue Bird, Capital: 311
- Sue Bird, Drawing: 312
- Ashley Robinson, Capital: 313
- Ashley Robinson, Drawing: 314
- Income from Services: 411
- Office Supplies Expense: 511
- Delivery Expense: 512
- Miscellaneous Expense: 513
---
**Instructions:**
On May 1 of this year, Start With Urself Clinic established a Petty Cash Fund. The following petty cash transactions took place during the month:
**Directions:**
1. Record the disbursements of petty cash in the petty cash payments record, starting with page 6.
---
**Transactions:**
- **May 1:** Cashed check no. 8784 for $150.00 to establish petty cash fund and put the $150.00 in a locked drawer in the office.
- **May 2:** Bought postage stamps $13.60, voucher #5 (Miscellaneous Expense).
- **May 4:** Issued voucher for taxi fare $25.50, voucher #6.
- **May 7:** Issued voucher 7 for delivery of props to WNBA Delivery Service, $13.50.
- **May 9:** S. Bird withdrew $30.00 for personal use, voucher #8.
- **May 11:** Bought balloons for show $15.75, voucher #9 (Office Supplies).
- **May 14:** Bought construction paper for company $6.80, voucher #10.
- **May 17:** Bought markers for company $5.45, voucher #11.
- **May 21:** Ashley Robinson withdrew for personal use $25.00, voucher #12.
- **May 29:** Issued voucher for taxi fare $13.41, voucher #13.
- **May 31:** Issued for cash check no. 8794 for $149.01 to reimburse Petty Cash Fund.
---
This exercise guides the process of managing and recording petty cash transactions for better financial tracking and accountability.
Expert Solution
Step 1
The process by which financial transactions of the business are recorded and communicated with the end users is termed as accounting. The financial data is analyzed, summarized and reported to the users of accounting including management, regulators and tax collection agencies.
Step by step
Solved in 2 steps with 1 images
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education