Journalizing cash payments and recording petty cash; posting to the general ledger. The cash payments of European
Question:
Journalizing cash payments and recording petty cash; posting to the general ledger.
The cash payments of European Gift Shop, a retail business, for September are listed on the next page. The general ledger accounts used to record these transactions appear below.
INSTRUCTIONS
1. Open the general ledger accounts and enter the balances as of September 1, 2016.
2. Record all payments by check in a cash payments journal. Use 12 as the page number.
3. Record all payments from the petty cash fund on a petty cash analysis sheet with special columns for Delivery Expense and Miscellaneous Expense. Use 12 as the sheet number.
4. Post the individual entries from the Other Accounts Debit section of the cash payments journal to the proper general ledger accounts.
5. Total, prove, and rule the petty cash analysis sheet as of September 30, then record the replenishment of the fund and the final balance on the sheet.
6. Total, prove, and rule the cash payments journal as of September 30.
7. Post the column totals from the cash payments journal to the proper general ledger accounts.
Analyze: What was the number of total debits to general ledger liability accounts during the month of September?
College Accounting A Contemporary Approach
ISBN: 978-0077639730
3rd edition
Authors: David Haddock, John Price, Michael Farina