Petty Cash Transactions A small company maintains a petty cash fund for minor expenditures. In February and March 2014, the following transactions took place: a. The fund was established in the amount of $200.00 on Feb, 1 from the proceeds of check no. 2717. b. On Feb. 28, the petty cash fund had cash of $30.92 and the following receipts on hand: postage, $80.00; supplies, $49.88; delivery service, $24.80; and rubber stamp, $14.40. Check no. 2748 was drawn to replenish the fund. c. On March 31, the petty cash fund had cash of $44.12 and these receipts on hand: postage, $68.40; supplies, $65.68; and delivery service, $12.80. The petty cash custodian could not account for the shortage. Check no. 2897 was drawn to replenish the fund. Prepare the journal entries necessary to record each transaction.

Petty Cash Transactions A small company maintains a petty cash fund for minor expenditures. In February and March 2014, the following transactions took place: a. The fund was established in the amount of $200.00 on Feb, 1 from the proceeds of check no. 2717. b. On Feb. 28, the petty cash fund had cash of $30.92 and the following receipts on hand: postage, $80.00; supplies, $49.88; delivery service, $24.80; and rubber stamp, $14.40. Check no. 2748 was drawn to replenish the fund. c. On March 31, the petty cash fund had cash of $44.12 and these receipts on hand: postage, $68.40; supplies, $65.68; and delivery service, $12.80. The petty cash custodian could not account for the shortage. Check no. 2897 was drawn to replenish the fund. Prepare the journal entries necessary to record each transaction.

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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Petty Cash Fund Entries Journalize the entries to record the following: a. Check No. 12-375 is issued to establish a petty cash fund of $800. b. The amount of cash in the petty cash fund is now $288. Check No. 12-476 is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $4297; miscellaneous selling expense, $123; miscellaneous administrative expense, $77. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $500, record the discrepancy in the cash short and over account.) a. Journalize the entry to establish the petty cash fund. If an amount box does not require an entry, leave it blank. 88 b. Journalize the entry to replenish the petty cash fund. For a compound transaction, if an amount box does not require an entry, leave it blank.
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