Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Florence's Florals, a retail business, started a $250 petty cash fund on June 1. Below are descriptions of the transactions to establish the petty cash

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Florence's Florals, a retail business, started a $250 petty cash fund on June 1. Below are descriptions of the transactions to establish the petty cash fund, disburse petty cash during June, and replenish the petty cash fund on June 30. DATE TRANSACTIONS June 1 Issued Check 550 for $250 to establish a petty cash fund. 5 Paid $31 from the petty cash fund for office supplies, Petty Cash Voucher 1. 8 Paid $32 from the petty cash fund for postage stampa, Petty Cash Voucher 2. 15 Paid $19 from the petty cash fund for delivery service, Petty cash Voucher 3. 22 Pald 541 from the petty cash fund to the owner, Roda Calderon, for her personal use, petty canh Vouchar 4. 25 Paid $31 fron the petty cash fund to have the store windows washed, Petty Canh Voucher 5. 29 Paid $48 from the petty cash fund for delivery service, Petty cash voucher 6. 30 Issued Check 590 for $202 to replenish the petty cash fund. Required: 1. Record the transaction to establish the petty cash fund on June 1 in a general journal. 2. Record all transactions on a petty cash analysis sheet. 3. Record the transaction to replenish the petty cash fund on June 30 in the general Journal. Analyze: What were the total payments from the petty cash fund in June? June 01 Entry Petty Cash Analysis June 30 Entry Analyze Record all transactions on a petty cash analysis sheet. (Input all amounts as positive values.) PETTY CASH ANALYSIS SHEET Distribution of Payments Voucher Misc. Date Other Accounts Debit Delivery Receipts Payments Supplies Description No. Expense Expense Debit Debit Debit Account Title Amount 1 2 3 June 01, 20X1 June 05, 20x1 June 08, 20X1 June 15, 20X1 June 22, 20X1 June 25, 20X1 June 29, 20X1 June 30, 20X1 June 30, 20X1 4 Establish fund Office Supplies Postage stamps Delivery service Personal withdrawal Store windows washed Delivery service Totals Balance on hand 5 6 0 - 0 June 30, 20X1 June 30, 20X1 June 30, 20X1 ... Balance on hand Replenish fund Carried forward 0

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Communication In The Age Of Trump

Authors: Arthur S. Hayes

1st Edition

1433150301, 9781433150302

More Books

Students also viewed these Accounting questions