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 Wyoming Restoration Company General Ledger ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Office Equipment 192 Accumulated Depreciation-Office Equipment 193 Store Equipment 194 Accumulated Depreciation-Store Equipment LIABILITIES 210 Accounts Payable 221 Notes Payable 222 Interest Payable 231 Salaries Payable 241 Sales Tax Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary REVENUE 410 Sales 610 Interest Revenue

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

Wyoming Restoration Company

General Ledger

	ASSETS
110	Cash
111	Petty Cash
120	Accounts Receivable
131	Notes Receivable
132	Interest Receivable
141	Merchandise Inventory
145	Office Supplies
146	Store Supplies
151	Prepaid Insurance
181	Land
191	Office Equipment
192	Accumulated Depreciation-Office Equipment
193	Store Equipment
194	Accumulated Depreciation-Store Equipment

	LIABILITIES
210	Accounts Payable
221	Notes Payable
222	Interest Payable
231	Salaries Payable
241	Sales Tax Payable

	EQUITY
310	Common Stock
311	Retained Earnings
312	Dividends
313	Income Summary

	REVENUE
410	Sales
610	Interest Revenue

	EXPENSES
510	Cost of Merchandise Sold
515	Credit Card Expense
516	Cash Short and Over
520	Salaries Expense
531	Advertising Expense
532	Delivery Expense
533	Insurance Expense
534	Office Supplies Expense
535	Rent Expense
536	Repairs Expense
537	Selling Expenses
538	Store Supplies Expense
561	Depreciation Expense-Office Equipment
562	Depreciation Expense-Store Equipment
591	Miscellaneous Administrative Expense
592	Miscellaneous Selling Expense
710	Interest Expense

Journalize the transactions. Refer to the Chart of Accounts for exact wording of account tities.
PAGE 1
JOURNAL
ACCOUNTING EQUJATION
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
ASSETS
LIABILITIES
EQUITY
1
11
13
14
15

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