Jeremiah Restoration Company completed the following selected transactions during January:Jan. 1.Established a petty cash fund of $730.12.The cash sales for the day, according to the cash register records, totaled $12,146. The actual cash received from cash sales was $12,171.31.Petty cash on hand was $133. Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt: Jan. 3.Store supplies, $392.7.Express charges on merchandise sold, $31 (Delivery Expense).9.Office supplies, $19.13.Office supplies, $20.19.Postage stamps, $14 (Office Supplies).21.Repair to office file cabinet lock, $13 (Miscellaneous Administrative Expense).22.Postage due on special delivery letter, $30 (Miscellaneous Administrative Expense).24.Express charges on merchandise sold, $51 (Delivery Expense).30.Office supplies, $7. Jan. 31.The cash sales for the day, according to the cash register records, totaled $18,539. The actual cash received from cash sales was $18,503.31.Decreased the petty cash fund by $90. Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles. XChart of Accounts

Petty cash: Petty cash fund is established to pay small expenses like office supplies, postage etc. In other words, Petty cash is simply any physical cash that business keeps on hand to pay for small, unplanned expenses. Date Account Titles Debit ($) Credit ($) Jan. 7 Petty Cash 730 Cash 730 Jan. 12 Cash 12,171 Cash Short and Over 25 Sales 12,146 Jan. 31 Store Supplies 392 Delivery Expense (31+51) 82 Office Supplies (19+20+14+7) 60 Miscellaneous Administrative Expense (13+30) 43 Cash Short and Over 20 Cash (730-133) 597 Jan. 31 Cash 18,503 Cash Short and Over 36 Sales 18,539 Jan. 31 Cash 90 Petty Cash 90

Answered: Jeremiah Restoration Company completed…

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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Jeremiah Restoration Company completed the following selected transactions during January:

Jan. 1.	Established a petty cash fund of $730.
12.	The cash sales for the day, according to the cash register records, totaled $12,146. The actual cash received from cash sales was $12,171.
31.	Petty cash on hand was $133. Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt:

Jan. 3.	Store supplies, $392.
7.	Express charges on merchandise sold, $31 (Delivery Expense).
9.	Office supplies, $19.
13.	Office supplies, $20.
19.	Postage stamps, $14 (Office Supplies).
21.	Repair to office file cabinet lock, $13 (Miscellaneous Administrative Expense).
22.	Postage due on special delivery letter, $30 (Miscellaneous Administrative Expense).
24.	Express charges on merchandise sold, $51 (Delivery Expense).
30.	Office supplies, $7.

Jan. 31.	The cash sales for the day, according to the cash register records, totaled $18,539. The actual cash received from cash sales was $18,503.
31.	Decreased the petty cash fund by $90.

Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles.

Chart of Accounts

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