E8-20

Exercise 8-20 and E8-21

Exercise 8-20 Pety cast, cash short and over Record the following selected transactions of Kelly's Fine Foods in general journal format (explanations are not required) 2017 1 Established a petty cash fund with a $200 balance Jun. 2 Jourmalized the day's cash sales Cash register tapes show a $4,875 total, but the cash in the register is $4,885 The petty cash fund had $56.50 in cash and $134.00 in petty cash tickets issued to pay for office supplies ($21.00), delivery expenses (56950), and entertainment expenses (S43.50) Replenished the fund 10 Exercise 8-21 Control over petty cash 1. Explain how an imprest petty cash system works 2 Atlantic Press maintains an imprest petty cash fund of $300, which is under the control Petty Cash balance $300of Gladys Yu. At November 30, the fund holds $80 cash and petty cash tickets for $140 of office supplies and S100 of delivery expenses Journalize (a) the establishment of the petty cash fund on November 1 and (b) the replen- ishment of the fund on November 30 3. Prepare a T-account for Petty Cash and post to the account. What is Petty Cash's balance at all times