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The cash payments of The Aristocrats Jewels, a retail business, for June and the general ledger accounts used to record these transactions appear below. GENERAL
The cash payments of The Aristocrats Jewels, a retail business, for June and the general ledger accounts used to record these transactions appear below. GENERAL LEDGER ACCOUNTS
101 | Cash | $ | 44,740 | Dr. |
105 | Petty Cash Fund | |||
129 | Supplies | 1,120 | Dr. | |
201 | Notes Payable | 3,800 | Cr. | |
205 | Accounts Payable | 19,480 | Cr. | |
231 | Sales Tax Payable | 4,800 | Cr. | |
302 | Larry Jennings, Drawing | |||
451 | Sales Returns and Allowances | |||
504 | Purchases Discounts | |||
611 | Delivery Expense | |||
620 | Rent Expense | |||
623 | Salaries Expense | |||
626 | Telephone Expense | |||
634 | Interest Expense | |||
635 | Miscellaneous Expense | |||
DATE | TRANSACTIONS | ||
June | 1 | Issued Check 4121 for $3,100 to pay the monthly rent. | |
2 | Issued Check 4122 for $4,800 to remit the state sales tax. | ||
3 | Issued Check 4123 for $2,840 to Perfect Timing Watch Company, a creditor, in payment of Invoice 6808, dated May 5. | ||
4 | Issued Check 4124 for $200 to establish a petty cash fund. (After journalizing this transaction, be sure to enter it on the first line of the petty cash analysis sheet.) | ||
5 | Paid $36 from the petty cash fund for office supplies, Petty Cash Voucher 1. | ||
7 | Issued Check 4125 for $3,952 to Perry Corporation in payment of a $3,800 promissory note and interest of $152. | ||
8 | Paid $26 from the petty cash fund for postage stamps (miscellaneous expense), Petty Cash Voucher 2. | ||
10 | Issued Check 4126 for $600 to a customer as a cash refund for a defective watch that was returned; the original sale was made for cash. | ||
12 | Issued Check 4127 for $282 to pay the telephone bill. | ||
14 | Issued Check 4128 for $6,174 to International Jewelry Company, a creditor, in payment of Invoice 8629, dated May 6 ($6,300), less a cash discount ($126). | ||
15 | Paid $18 from the petty cash fund for delivery service, Petty Cash Voucher 3. | ||
17 | Issued Check 4129 for $920 to purchase store supplies. | ||
20 | Issued Check 4130 for $3,724 to Nelsons Jewelry and Accessories, a creditor, in payment of Invoice 1513, dated June 12 ($3,800), less a cash discount ($76). | ||
22 | Paid $30 from the petty cash fund for a personal withdrawal by Larry Jennings, the owner, Petty Cash Voucher 4. | ||
25 | Paid $36 from the petty cash fund to have the store windows washed and repaired, Petty Cash Voucher 5. | ||
27 | Issued Check 4131 for $3,710 to Classy Creations, a creditor, in payment of Invoice 667, dated May 30. | ||
30 | Paid $30 from the petty cash fund for delivery service, Petty Cash Voucher 6. | ||
30 | Issued Check 4132 for $7,825 to pay the monthly salaries. | ||
30 | Issued Check 4133 for $5,600 to Larry Jennings, the owner, as a withdrawal for personal use. | ||
30 | Issued Check 4134 for $176 to replenish the petty cash fund. (Foot the columns of the petty cash analysis sheet in order to determine the accounts that should be debited and the amounts involved.) |
Required:
- Open the general ledger accounts and enter the balances as of June 1.
- Record all payments by check in a cash payments journal.
- Record all payments from the petty cash fund on a petty cash analysis sheet.
- Post the individual entries from the Other Accounts Debit section of the cash payments journal to the proper general ledger accounts.
- Total, prove, and rule the petty cash analysis sheet as of June 30. Record the replenishment of the fund and the final balance on the sheet.
- Total, prove, and rule the cash payments journal as of June 30.
- Post the column totals from the cash payments journal to the proper general ledger accounts.
Analyze: What total payments were made from the petty cash fund for the month?
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