7.2

Hi!

The question is to complete the petty cash balance sheet. With explanation.

Happy Monday.

Question 1 [20 points] Southgate Inc. completed the following petty cash transactions during November, 2014. November 1 : Drew a $1, 100.00 cheque, cashed it, and gave the proceeds and the petty cash box to Avery Wilson, the petty cashier. November 4 : Purchased ink for office photocopier, $143.90. November 5 : Purchased paper for office copier, $155.60 November 6 : Purchased ink for office photocopier, $132.25. November 7 : Paid $132.50 for refreshments for meetings. November 8 : Paid $131.60 for stamps. November 11 : Paid $130.10 for minor computer repairs. November 14 : Paid $132.00 for minor computer repairs. November 30 : Avery Wilson sorted the petty cash receipts by accounts affected and exchanged them for a cheque to reimburse the fund for expenditures. However, there was $146.10 in cash in the fund. a) Enter the journal entry to establish the petty cash fund. Enter an appropriate description, and enter the date in the format dd/mmm (ie. 15/Jan). General Journal Page GJ1 Date Account/Explanation F Debit Credit + - b) Enter the journal entry to to record the reimbursement. Enter an appropriate description, and enter the date in the format dd/mmm (ie. 15/Jan). General Journal Page GJ1 Date Account/Explanation F Debit Credit +