Question 1 Record the necessary petty cash transactions in the general journal for the Real S. Tate company. Prepare a summary report of the petty cash disbursements. 09/01 Issued a cheque in the name of Mark Tremblay to set up a petty cash fund: $400. 09/01 Sold merchandise on credit for $10,000 in exchange for a 60-day note receivable bearing 4% interest. 09/03 Wrote off Mr. Smith’s account in the amount of $800 using the allowance method. 09/04 Purchased office supplies in the amount of $30. 09/04 Exchanged Mrs. White’s $3000 credit account for a 60-day note receivable bearing 5% interest. 09/05 Collected a $2000, 60-day note receivable bearing 3% interest, which was issued in October, from Mr. Jones. 09/06 Withdrawal from petty cash by the owner to buy coffee and doughnuts for the staff meeting: $80. 09/06 Purchased stamps: $25. 09/12 Purchased office supplies in the amount of $50. 09/16 Paid Livraison Cyr enr. for merchandise delivered to a client: $50. 09/17 Paid to have the office windows cleaned: $50. 09/20 Paid Purolator $80 to deliver a package to a client. 09/23 Purchased stamps: 30$ 09/29 Realizing that there is only $8 left in the petty cash fund, Mark Tremblay sorts the receipts and prepares a petty cash summary. The accounting department issues a cheque to replenish the fund. The petty cash fund is increased by $75. 09/30 Recorded the accrued interest on the notes receivable
Question 1
- Record the necessary petty cash transactions in the general journal for the Real S. Tate company.
- Prepare a summary report of the petty cash disbursements.
09/01 Issued a cheque in the name of Mark Tremblay to set up a petty cash fund: $400.
09/01 Sold merchandise on credit for $10,000 in exchange for a 60-day note receivable bearing 4% interest.
09/03 Wrote off Mr. Smith’s account in the amount of $800 using the allowance method.
09/04 Purchased office supplies in the amount of $30.
09/04 Exchanged Mrs. White’s $3000 credit account for a 60-day note receivable bearing 5% interest.
09/05 Collected a $2000, 60-day note receivable bearing 3% interest, which was issued in October, from Mr. Jones.
09/06 Withdrawal from petty cash by the owner to buy coffee and doughnuts for the staff meeting: $80.
09/06 Purchased stamps: $25.
09/12 Purchased office supplies in the amount of $50.
09/16 Paid Livraison Cyr enr. for merchandise delivered to a client: $50.
09/17 Paid to have the office windows cleaned: $50.
09/20 Paid Purolator $80 to deliver a package to a client.
09/23 Purchased stamps: 30$
09/29 Realizing that there is only $8 left in the petty cash fund, Mark Tremblay sorts the receipts and prepares a petty cash summary. The accounting department issues a cheque to replenish the fund. The petty cash fund is increased by $75.
09/30 Recorded the accrued interest on the notes receivable
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