Harristown Hockey Club (HHC) maintains a petty cash fund for minor club expenditures. Thepetty cash custodian, Wayne Crosby, describes the events that occurred during the last two months:a. I established the fund by cashing a check from HHC for $250 made payable to me.b. Tom Canuck provided a $70 receipt for repairs to the club’s computer, so I paid $70 cash tohim.c. Kim Harra provided a receipt for $50 for various supplies she planned to use to decorate thearena later this year. I paid $50 cash to her.d. Trainer Jim bought some equipment that the club intends to use for the next few years. Hegave me the receipt and I paid him $80.e. On the last day of the month, I prepared a summary of expenditures and requested the fund bereplenished. I received and cashed a check from HHC for $200, placing the cash into a lockedcash box.f. Wendy Wignes provided receipts for supplies purchased for the club’s office for use nextmonth. I paid $125 cash to her.g. Destiny Hook provided a phone bill showing she had paid $30 for telephone calls made tocontact referees for the annual tournament. I paid her $30 cash.h. Gutty McTavish submitted a receipt for $35 for a haircut he received. I did not pay him.i. On the last day of the month, I received and cashed a check from HHC for $155, placing thecash into the locked cash box.Required:1. Prepare journal entries where required.2. If HHC has $1,000 cash, $500 of government Treasury bills purchased four months ago, and$750 of cash set aside for its workers’ compensation insurance, how much will the companyreport on the balance sheet as “Cash and Cash Equivalents”?
Harristown Hockey Club (HHC) maintains a petty cash fund for minor club expenditures. The
petty cash custodian, Wayne Crosby, describes the events that occurred during the last two months:
a. I established the fund by cashing a check from HHC for $250 made payable to me.
b. Tom Canuck provided a $70 receipt for repairs to the club’s computer, so I paid $70 cash to
him.
c. Kim Harra provided a receipt for $50 for various supplies she planned to use to decorate the
arena later this year. I paid $50 cash to her.
d. Trainer Jim bought some equipment that the club intends to use for the next few years. He
gave me the receipt and I paid him $80.
e. On the last day of the month, I prepared a summary of expenditures and requested the fund be
replenished. I received and cashed a check from HHC for $200, placing the cash into a locked
cash box.
f. Wendy Wignes provided receipts for supplies purchased for the club’s office for use next
month. I paid $125 cash to her.
g. Destiny Hook provided a phone bill showing she had paid $30 for telephone calls made to
contact referees for the annual tournament. I paid her $30 cash.
h. Gutty McTavish submitted a receipt for $35 for a haircut he received. I did not pay him.
i. On the last day of the month, I received and cashed a check from HHC for $155, placing the
cash into the locked cash box.
Required:
1. Prepare
2. If HHC has $1,000 cash, $500 of government Treasury bills purchased four months ago, and
$750 of cash set aside for its workers’ compensation insurance, how much will the company
report on the balance sheet as “Cash and Cash Equivalents”?
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