E9B. A small company maintains a petty cash fund for minor expenditures. In June and July 2014, the following transactions took place: a. The fund was established in the amount of $100.00 on June 1 from the proceeds of check no. 2707. b. On June 30, the petty cash fund had cash of $15.46 and the following receipts on hand: postage, $40.00; supplies, $24.94; delivery service, $12.40; and rubber stamp, $7.20. Check no. 2778 was drawn to replenish the fund. c. On July 31, the petty cash fund had cash of $22.06 and these receipts on hand: post- age, $34.20; supplies, $32.84; and delivery service, $6.40. The petty cash custodian could not account for the shortage. Check no. 2847 was drawn to replenish the fund. Prepare the journal entries necessary to record each transaction.
E9B. A small company maintains a petty cash fund for minor expenditures. In June and July 2014, the following transactions took place: a. The fund was established in the amount of $100.00 on June 1 from the proceeds of check no. 2707. b. On June 30, the petty cash fund had cash of $15.46 and the following receipts on hand: postage, $40.00; supplies, $24.94; delivery service, $12.40; and rubber stamp, $7.20. Check no. 2778 was drawn to replenish the fund. c. On July 31, the petty cash fund had cash of $22.06 and these receipts on hand: post- age, $34.20; supplies, $32.84; and delivery service, $6.40. The petty cash custodian could not account for the shortage. Check no. 2847 was drawn to replenish the fund. Prepare the journal entries necessary to record each transaction.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![E9B. A small company maintains a petty cash fund for minor expenditures. In June and
July 2014, the following transactions took place:
a. The fund was established in the amount of $100.00 on June 1 from the proceeds of
check no. 2707.
b. On June 30, the petty cash fund had cash of $15.46 and the following receipts on
hand: postage, $40.00; supplies, $24.94; delivery service, $12.40; and rubber stamp,
$7.20. Check no. 2778 was drawn to replenish the fund.
c. On July 31, the petty cash fund had cash of $22.06 and these receipts on hand: post-
age, $34.20; supplies, $32.84; and delivery service, $6.40. The petty cash custodian
could not account for the shortage. Check no. 2847 was drawn to replenish the fund.
Prepare the journal entries necessary to record each transaction.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9caf7174-8eaa-4a0e-8d1f-93ee5ab1e72f%2Ffd3efde4-84dd-4e70-9a08-2d973671fb66%2F86wxzyf_processed.png&w=3840&q=75)
Transcribed Image Text:E9B. A small company maintains a petty cash fund for minor expenditures. In June and
July 2014, the following transactions took place:
a. The fund was established in the amount of $100.00 on June 1 from the proceeds of
check no. 2707.
b. On June 30, the petty cash fund had cash of $15.46 and the following receipts on
hand: postage, $40.00; supplies, $24.94; delivery service, $12.40; and rubber stamp,
$7.20. Check no. 2778 was drawn to replenish the fund.
c. On July 31, the petty cash fund had cash of $22.06 and these receipts on hand: post-
age, $34.20; supplies, $32.84; and delivery service, $6.40. The petty cash custodian
could not account for the shortage. Check no. 2847 was drawn to replenish the fund.
Prepare the journal entries necessary to record each transaction.
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