(1) a strength or (2) a weakness. For each weakness, indicate why it exists.
The following procedures were recently installed by The China Shop:a.All sales are rung up on the cash register, and a receipt is given to the customer. All sales are recorded on a record locked inside the cash register.b.Each cashier is assigned a separate cash register drawer to which no other cashier has access.c.At the end of a shift, each cashier counts the cash in his or her cash register, unlocks the cash register record, and compares the amount of cash with the amount on the record to determine cash shortages and overages.d.Checks received through the mail are given daily to the
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Transactions for petty cash, cash short and over
Cedar Springs Company completed the following selected transactions during June 20Y3:
June 1. Established a petty cash fund of $1,000.
June 12. The cash sales for the day, according to the cash register records, totaled $9,440. The actual cash received from cash sales was $9,506.
June 30. Petty cash on hand was $46. Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt:
| Line Item Description | Amount |
|---|---|
| June 2. | Store supplies, $375. |
| June 10. | Express charges on merchandise purchased, $105 (Inventory). |
| June 14. | Office supplies, $85. |
| June 15. | Office supplies, $90. |
| June 18. | Postage stamps, $33 (Office Supplies). |
| June 20. | Repair to fax, $100 (Miscellaneous Administrative Expense). |
| June 21. | Repair to office door lock, $25 (Miscellaneous Administrative Expense). |
| June 22. | Postage due on special delivery letter, $9 (Miscellaneous Administrative Expense). |
| June 28. | Express charges on merchandise purchased, $110 (Inventory). |
June 30. The cash sales for the day, according to the cash register records, totaled $13,390. The actual cash received from cash sales was $13,350.
June 30. Increased the petty cash fund by $200.
Required:
Journalize the transactions.
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