Accounting Help

P8-2B, A-C

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PLEASE USE THE METHOD BELOW FOR THIS PROBLEM

P8-2B Chow Company maintains a petty cash fund for small expenditures. The following transactions occurred over a 2-month period. July Established petty cash fund by writing a check on China Bank for $100. 1 15 Replenished the petty cash fund by writing a check for $96.90. On this date the fund consisted of $3.10 in cash and the following petty cash receipts: freight-out $51.00. postage expense $20.50, entertainment expense $23.10, and miscellaneous expense $4.10. 31 Replenished the petty cash fund by writing a check for $95.90. At this date, the fund consisted of $4.10 in cash and the following petty cash receipts: freight-out $43.50, charitable contributions expense $20.00, postage expense $20.10, and miscellaneous expense $12.30. Aug. Replenished the petty cash fund by writing a check for $98.00. On this date, the fund 15 consisted of $2.00 in cash and the following petty cash receipts: freight-out $40.20, entertainment expense $21.00, postage expense $14.00, and miscellaneous expense $19.80. 16 Increased the amount of the petty cash fund to $150 by writing a check for $50. 31 Replenished petty cash fund by writing a check for $137.00. On this date, the fund consisted of $13 in cash and the following petty cash receipts: freight-out $74.00, entertainment expense $43.20, and postage expense $17.70. Instructions (a) Journalize the petty cash transactions. (b) Post to the Petty Cash account. (c) What internal control features exist in a petty cash fund? PROBLEM 8-2A (a) July 1 Petty Cash Cash 200.00 200.00 15 Freight-out 94.00 Postage Expense 42.40 Entertainment Expense 46.60 Miscellaneous Expense 11.20 Cash Over and Short 1.80 Cash 196.00 31 Expense Freight-out 82.10 Charitable Contribution 45.00 Postage Expense 25.50 Miscellaneous Expense 39.40 Cash 192.00 Aug. 15 Freight-out 75.60 Entertainment Expense 43.00 Postage Expense 33.00 Miscellaneous Expense 37.00 Cash Over and Short 1.60 Cash 187.00 16 Petty Cash Cash 100.00 100.00 31 140.00 Postage Expense Travel Expense 95.60 Freight-out 47.10 Cash Over and Short Cash 284.00 1.30 (b) Petty Cash Date Explanation RefDebiCreditBalance July 1 200 Aug. 1 300 6 PROBLEM 8-2A (Continued) CP 200 CP 100 (c) The internal control features of a petty cash fund include: (1) A custodian is responsible for the fund. (2) A prenumbered petty cash receipt signed by the custodian and the individual receiving payment is required for each payment from the fund. (3) The treasurer's office examines all payments and stamps supporting documents to indicate they were paid when the fund is replenished. (4) Surprise counts can be made at any time to determine whether the fund is intact