\begin{tabular}{|c|c|c|c|c|c|} \hline \multicolumn{4}{|c|}{ STATEMENT } & \multicolumn{2}{|c|}{ Merchant's National Bank } \\ \hline \multicolumn{3}{|c|}{\begin{tabular}{l} TURNER EXCAVATION \\ 220 MAIN STREET \\ OAKHURST, NJ 07755-1461 \end{tabular}} & \begin{tabular}{r} Account Number \\ Statement Date \\ Statement Instructions \end{tabular} & \begin{tabular}{r} 1632475 \\ July 31,20 \end{tabular} & Page Number \\ \hline \begin{tabular}{r} Beginning Balance \\ $1,250.25 \end{tabular} & \begin{tabular}{|l|l|} \begin{tabular}{l} No. of Deposits \\ and Credits \end{tabular} & \\ & 1 \end{tabular} & & No of withdrawals and charges & \begin{tabular}{l} We have subtracted these withdrawals \\ and charges totaling \\ $1,512.50 \end{tabular} & \begin{tabular}{l} \begin{tabular}{l} Resulting in a statement balance \\ of \end{tabular} \\ $3,237.75 \end{tabular} \\ \hline Document Count & Average Daily Balance & e this Statement Period & Minimum Balance this Statement Period & Date & Amount \\ \hline \multicolumn{6}{|c|}{ If your Account does not Balance, Please see Reverse Side and Report any discrepancies to our Customer Service Department. } \\ \hline 7/1 & \multicolumn{3}{|c|}{ Beginning Balance } & & 1,250.25 \\ \hline 7/5 & \multicolumn{3}{|l|}{ Check No. 301} & -100.00 & 1,150.25 \\ \hline 7/8 & \multicolumn{3}{|l|}{ Check No. 302} & -655.00 & 495.25 \\ \hline 7/9 & \multicolumn{3}{|l|}{ Deposit } & 3,500.00 & 3,995.25 \\ \hline 7/15 & \multicolumn{3}{|l|}{ Check No. 303} & -97.00 & 3,898.25 \\ \hline 7/20 & \multicolumn{3}{|l|}{ Check No. 304} & -525.00 & 3,373.25 \\ \hline 7/28 & \multicolumn{3}{|l|}{ Check No. 305} & -133.00 & 3,240.25 \\ \hline 7/31 & \multicolumn{3}{|l|}{ Service Charge } & -2.50 & 3,237.75 \\ \hline \multicolumn{2}{|c|}{\begin{tabular}{l} EC-Error Correction \\ ATM-Automated Teller Machine \end{tabular}} & \multicolumn{3}{|r|}{\begin{tabular}{l} RC-Return Check Charge \\ D/N-Day/Night \end{tabular}} & \\ \hline \end{tabular} Turner Excavation maintains a checking account and has decided to open a petty cash fund. The following petty cash fund transactions occurred during July: July 2 Established a petty cash fund by issuing Check No. 301 for $100. 5 Paid $25 from the petty cash fund for postage. Voucher No. 1. 7 Paid \$30 from the petty cash fund for delivery of flowers (Miscellaneous Expense). Voucher No. 2. 8 Paid $20 from the petty cash fund to repair a tire on the company truck. Voucher No. 3. 12 Paid \$22 from the petty cash fund for a newspaper advertisement. Voucher No. 4. 13 Issued Check No. 303 to replenish the petty cash fund. (Total and rule the petty cash payments record. Record the balance and the amount needed to replenish the fund in the Description column of the petty cash payments record.) 20 Paid \$26 from the petty cash fund to reimburse an employee for expenses incurred to repair the company truck. Voucher No. 5. 24 Paid $12.50 from the petty cash fund for phone calls made from a phone booth. Voucher No. 6. 28 Paid \$25 from the petty cash fund as a contribution to the YMCA. Voucher No. 7. 31 Issued Check No. 308 to replenish the petty cash fund. (Total and rule the petty cash payments record. Record the balance and the amount needed to replenish the fund in the Description column of the petty cash payments record.) The following additional transactions occurred during July: July 5 Issued Check No. 302 to pay office rent, $650. 15 Issued Check No. 304 for office equipment, \$525. 17 Issued Check No. 305 for the purchase of supplies, \$133. 18 Issued Check No. 306 to pay attorney fees, $1,000. 30 Issued Check No. 307 to pay newspaper for an advertisement, \$200.20. 2. Make all required general journal entries for the cash transactions. (Note: The petty cash fund was established and replenished twice during July.) General Journal Instructions Petty Cash Petty Cash Payments for the Month of July 20-- \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline 1 & & & & & \begin{tabular}{c} Distribution Of \\ Payments \end{tabular} & \begin{tabular}{c} Distribution of \\ Payments \end{tabular} & \begin{tabular}{c} Distribution Of \\ Payments \end{tabular} & \begin{tabular}{c} Distribution 01 \\ Payments \end{tabular} \\ \hline 2 & DAY & DESCRIPTION & Voucher Number & Total Amount & Truck Expense & Postage Expense & \begin{tabular}{c} Charitable \\ Contributions \\ Expense \end{tabular} & Phone Expenst \\ \hline 3 & 2 & & & & & & & \\ \hline 4 & 5 & & 1 & & & & & \\ \hline 5 & 7 & & 2 & & & & & \\ \hline 6 & 8 & & 3 & & & & & \\ \hline 7 & 12 & & 4 & & & & & \\ \hline \multicolumn{9}{|l|}{8} \\ \hline 9 & 13 & Balance & & & & & & \\ \hline 10 & 13 & Replenished fund & & & & & & \\ \hline 11 & & Total & & & & & & \\ \hline 12 & 20 & & 5 & & & & & \\ \hline 13 & 24 & & 6 & & & & & \\ \hline \end{tabular} Bank Reconciliation Turner Excavation Bank Reconciliation July 31,20 Required: 1. Record the petty cash transactions in a petty cash payments record. 2. Make all required general journal entries for the cash transactions. (Note: The petty cash fund was established and replenished twice during July.) 3. The bank statement below was received in the mail. Deposits were made on July 6 for $3,500 and on July 29 for $2,350. The book balance on July 31 is \$4,331.55. Notice the discrepancy in Check No. 302 that cleared the bank for $655. This check was written on July 5 for rent expense, but was incorrectly entered on the check stub and in the journal as $650. Prepare a bank reconciliation and make any necessary journal entries as of July 31. \begin{tabular}{|c|c|c|c|c|c|} \hline \begin{tabular}{c} Distribution Of \\ Payments \end{tabular} & \begin{tabular}{c} Distribution Of \\ Payments \end{tabular} & \begin{tabular}{c} Distribution Of \\ Payments \end{tabular} & \begin{tabular}{c} Distribution Of \\ Payments \end{tabular} & \begin{tabular}{c} Distribution Of \\ Payments \end{tabular} & \begin{tabular}{c} Distribution Of \\ Payments \end{tabular} \\ \hline \begin{tabular}{c} Contributions \\ Expense \end{tabular} & Phone Expense & \begin{tabular}{c} Advertising \\ Expense \end{tabular} & \begin{tabular}{c} Miscellaneous \\ Expense \end{tabular} & Account & Amount \\ \hline & & & & & \\ \hline & & & & & \\ \hline & & & & & \\ \hline \end{tabular}