CP5-4 (Algo) (Supplement 5A) Reporting Petty Cash Transactions [LO 5-5, LO 5-S1] [The following information applies to the questions displayed below.] Superior Cabinets maintains a petty cash fund for minor business expenditures. The petty cash custodian, Mo Smith. describes the events that occurred during the last two months: a. I established the fund by ceshing a Superior Cabinets check for $345 made payable to me. b. Liz Clay provided a receipt for $65 for various supplies. I paid $65 cash to her. c. James Flyer provided a $85 taxi receipt, so I paid $85 cash to him. d. Ricky Ricota claimed to do photocopying for Superior Cabinets at The UpS Store for $112 but had misplaced the receipt. He gave me a signed memo explaining what happened and I paid $112 cash to him. e. On the last day of the month. I prepared a summary of expenditures and requested the fund be replenished. I received and cashed a Superior Cabinets check for $262, placing the cash into the locked cash box. 6. Jomes Flyer provided receipts for taxl costs ($90), so l paid $90 cash to him. 9. Woo Riun provided a $162 receipt from a local delivery company for an expedited dellvery to a customer. I paid her $162 cash. A. Ricky Ricota claimed to have purchased $50 of envelopes, but again he had misplaced the receipt. He showed me a big stack of envelopes and signed another memo explaining what happened, so I paid him $50 cash. 1. After requesting that the fund be replenished, I recelved and cashed a Superior Cabinets check for $302, placing the cash into the locked cash box. f. After suggesting that the petty cash fund be increased, I received and cashed a Superior Cabinets check for $130 cash. Which I placed in the locked cash box. 1. Prepare journal entries where required. TiP: Remember that petty cash journal entries are recorded only when the fund is established and reimbursed, not when each payment is made. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet I established the fund by cashing a Superior Cabinets' check for $345 made payable to me. Record the transaction. Note Enter debits before credits: 1. Prepare journal entries where required. TIP: Remember that petty cash journal entries are recorded only when the fund is established and reimbursed, not when each payment is made. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1. Prepare journal entries where required. TIP: Remember that petty cash journal entries are recorded only when the fund is established and reimbursed, not when each payment is made. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet James Flyer provided a $85 taxi receipt, so I paid $85 cash to him. Record the transaction. Note: Enter debits before credits. 1. Prepare journal entries where required. TIP: Remember that petty cash journal entries are recorded only when the fund is established and reimbursed, not when each payment is made. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Ricky Ricota claimed to do photocopying for Superior Cabinets at The UPS Store for $112 but had misplaced the receipt. He gave me a signed memo expiaining what happened and I paid $112 cash to him. Record the transaction. Note: Enter debits before credits. Journal entry worksheet
