**Petty Cash Fund Management at Sunland Company**Sunland Company maintains a petty cash fund to handle small expenditures. Here are the transactions that took place during the month of August:- **August 1**: The petty cash fund was established by writing a check payable to the petty cash custodian for $210.00.- **August 15**: The petty cash fund was replenished by writing a check for $205.00. On this date, the fund contained $5.00 in cash, and the following petty cash receipts were recorded: - Freight-out: $73.90 - Entertainment expense: $36.80 - Postage expense: $32.90 - Miscellaneous expense: $60.40- **August 16**: The petty cash fund was increased to $400.00 by writing a check for $190.00.- **August 31**: The petty cash fund was replenished by writing a check for $280.00. On this date, the fund contained $120.00 in cash, with petty cash receipts including: - Postage expense: $139.00 - Entertainment expense: $95.00 - Freight-out: $45.00This record details the establishment, replenishment, and adjustments made to the petty cash fund, ensuring accurate tracking and management of small expenditures within the company. ### Posting to the Petty Cash AccountTo maintain accurate financial records, it's essential to post transactions to the petty cash account correctly. Follow the guidelines below:- **Instruction:** Post to the Petty Cash account. Ensure that answers are rounded to 2 decimal places, for example, 52.75.#### Petty Cash Ledger:1. **Date Entry:** - **8/1:** Initial transaction of 210. - **8/16:** Transaction amounting to 190. - **8/1 Bal.:** Opening balance of 400.2. **Transactions to Record:** - **8/16:** (Amount to be filled) - **8/31:** (Amount to be filled) - **8/31 Bal.:** (Amount to be filled)Each transaction and balance entry should be accurately recorded and calculated for proper cash management. Make sure to input the missing values and ensure the ledger is balanced by the end of the period.

Petty cash book is the recording of petty cash expenditures which is sorted by the date. It is…

Sunland Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August. Established the petty cash fund by writing a check payable to the petty cash custodian for $210.00. Replenished the petty cash fund by writing a check for $205.00. On this date, the fund consisted of $5.00 in cash and these petty cash receipts: freight-out $73.90, entertainment expense $36.80, postage expense $32.90, and miscellaneous expense $60.40. Aug. 15 Increased the amount of the petty cash fund to $400.00 by writing a check for $190.00. Replenished the petty cash fund by writing a check for $280.00. On this date, the fund consisted of $120 in cash and these petty cash receipts: postage expense $139.00, entertainment expense $95.00, and freight-out $45.00. 16 31

Sunland Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August. Established the petty cash fund by writing a check payable to the petty cash custodian for $210.00. Replenished the petty cash fund by writing a check for $205.00. On this date, the fund consisted of $5.00 in cash and these petty cash receipts: freight-out $73.90, entertainment expense $36.80, postage expense $32.90, and miscellaneous expense $60.40. Aug. 15 Increased the amount of the petty cash fund to $400.00 by writing a check for $190.00. Replenished the petty cash fund by writing a check for $280.00. On this date, the fund consisted of $120 in cash and these petty cash receipts: postage expense $139.00, entertainment expense $95.00, and freight-out $45.00. 16 31

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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