Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Pharoah Retail Shop allows customers to use debit and bank credit cards as well as cash for purchases of merchandise. The company does not accept

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Pharoah Retail Shop allows customers to use debit and bank credit cards as well as cash for purchases of merchandise. The company does not accept personal cheques Pharoah's bank charges $1.15 for every debit card transaction and 5% for bank credit card transactions. On July 1, the company established a petty cash fund. Before it created the petty cash fund, cash was taken from the cash register wwhenever someone needed cash to pay for a small expense. The following transactions happened in July: July 1 8 Established the petty cash fund by cashing a cheque for $340 Total sales for the week were $33,500. Customers paid for these purchases as follows: $12,500 in cas. $9,000 on debit cards (120 transactions), and the balance using bank credit cards. Replenished the petty cash fund. On this date, the fund consisted of $99 in cash and the following petty cash receipts: 8 $77 39 Freight out Supplies Advertising in local paper Personal withdrawal by owner, R. Pharoah 52 68 15 Total sales for the week were $29.910. Customers paid for these purchases as follows: $11.910 in cash $10,000 on debit cards (140 transactions), and the balance using bank credit cards. 15 Total sales for the week were $29,910. Customers paid for these purchases as follows: $11.910 in cash $10,000 on debit cards (140 transactions), and the balance using bank credit cards. Replenished the petty cash fund and decreased the balance to $295. On this date, the fund consisted of $55 in cash and the following petty cash receipts: 25 $80 Postage Advertising in local newspaper Supplies 93 98 (a) Record the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Round answers to o decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit July 1 July 8 (To record sales) July 8 July 15 July 25 July 1 July 8 Advertising Expense Cash Cash Over and Short Credit Card Expense Debit Card Expense Freight Out No Entry Petty Cash Postage Expense R. Pharoah, Drawings Supplies Sales (To record sales) July 8 4

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

Sound Investing, Chapter 5 - Cost Allocation

Authors: Kate Mooney

8th Edition

007171927X, 9780071719278

More Books

Students also viewed these Accounting questions

Question

= 01:20:14 Time Remaining

Answered: 1 week ago

Question

=+2. Are you happy to pay a price premium for CSR products?

Answered: 1 week ago