Wyoming Restoration Company completed the following selected transactions during July 20Y1:July 1.Established a petty cash fund of $1,100.12.The cash sales for the day, according to the cash register records, totaled $8,192. The actual cash received from cash sales was $8,220.31.Petty cash on hand was $47. Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt: July 3.Store supplies, $580.7.Express charges on merchandise sold, $90 (Delivery Expense).9.Office supplies, $30.13.Office supplies, $35.19.Postage stamps, $50 (Office Supplies).21.Repair to office file cabinet lock, $60 (Miscellaneous Administrative Expense).22.Postage due on special delivery letter, $28 (Miscellaneous Administrative Expense).24.Express charges on merchandise sold, $135 (Delivery Expense).30.Office supplies, $25. July 31.The cash sales for the day, according to the cash register records, totaled $10,241. The actual cash received from cash sales was $10,232.31.Decreased the petty cash fund by $150. 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. It is simply any physical cash that entity keeps to pay for small, unplanned business expenses. Date Account Titles Debit Credit July 1 Petty cash $1100 Cash $1100 July 12 Cash $8,220 Sales $8,192 Cash short and over $28 July 31 Store supplies $580 Delivery Expense ($90 + $135) $225 Office supplies (30+35+50+25) $140 Miscellaneous Administrative Expense($60+$28) $99 Cash short and over $9 Cash ($1100-$47) $1,053 July 31 Cash $10,232 Cash short and over $9 Sales $10,241 July 31 Cash $150 Petty cash $150

Answered: Wyoming 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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Wyoming Restoration Company completed the following selected transactions during July 20Y1:

July 1.	Established a petty cash fund of $1,100.
12.	The cash sales for the day, according to the cash register records, totaled $8,192. The actual cash received from cash sales was $8,220.
31.	Petty cash on hand was $47. Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt:

July 3.	Store supplies, $580.
7.	Express charges on merchandise sold, $90 (Delivery Expense).
9.	Office supplies, $30.
13.	Office supplies, $35.
19.	Postage stamps, $50 (Office Supplies).
21.	Repair to office file cabinet lock, $60 (Miscellaneous Administrative Expense).
22.	Postage due on special delivery letter, $28 (Miscellaneous Administrative Expense).
24.	Express charges on merchandise sold, $135 (Delivery Expense).
30.	Office supplies, $25.

July 31.	The cash sales for the day, according to the cash register records, totaled $10,241. The actual cash received from cash sales was $10,232.
31.	Decreased the petty cash fund by $150.

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

Chart of Accounts

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