Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The cash payments of the aristocrats jewels a retail business for June and the general ledger account used to record these transactions appear below June

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
The cash payments of the aristocrats jewels a retail business for June and the general ledger account used to record these transactions appear below June 1 issued check for 121 for $3400 To pay the monthly rent
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 446,240 Dr. 1,150 Dr. 4,100 Cr. 19,780 Cr. 5,100 CM 101 Cash 105 Petty Cash Fund 129 Supplies 201 Notes Payable 205 Accounts Payable 231 Sales Tax Payable 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 $3,400 to pay the monthly rent. 2 Issued Check 4122 for $5,100 to remit the state sales tax. 3 Issued Check 4123 for $2,870 to Perfect Timing Watch Company, a creditor, in payment of Invoice 6808, dated May 5. 4 Issued Check 4124 for $250 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 $39 from the petty cash fund for office supplies, Petty Cash Voucher 1. 7 Issued Check 4125 for 64,264 to Perry Corporation in payment of a $4,100 promissory note and interest of $164. 8 Paid 629 from the petty cash fund for postage stamps (miscellaneous expense), Petty Cash Voucher 2. 10 Issued Check 4126 for $603 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 $285 to pay the telephone bill. 14 Issued Check 4128 for $6,321 to International Jewelry Company, a creditor, in payment of Invoice 8629, dated May 6 ($6,450), less a cash discount ($129). 15 Paid $18 from the petty cash fund for delivery service, Petty Cash Voucher 3. 17 Issued Check 4129 for $950 to purchase store supplies. 20 Issued Check 4130 for $3,871 to Nelson's Jewelry and Accessories, a creditor, in payment of Invoice 1513, dated June 12 ($3,950), less a cash discount ($79). 22 Paid 633 from the petty cash fund for a personal withdrawal by Larry Jennings, the owner, Petty Cash Voucher 4. 25 Paid $39 from the petty cash fund to have the store windows washed and repaired, Betty Cash Voucher 5. 27 Issued Check 4131 for $3,740 to Classy Creations, a creditor, in payment of Invoice 667, dated May 30. 30 Paid 633 from the petty cash fund for delivery service, Petty cash vouchero 30 Issued Check 4132 for $7,900 to pay the monthly salaries. 30 Issued check 4133 for $5,900 To Larry Jenning, the owner, withdrawal LOL personal use. sued Check 4134 for $191 to replenish the petty cash fund. (Foot the columns 1 the petty cash analy313 sheet in order to determine the accounta that should be debited and the amounts involved. Required: 1. Open the general ledger accounts and enter the balances as of June 1. 2. Record all payments by check in a cash payments journal. 3. Record all payments from the petty cash fund on a petty cash analysis sheet. 4. Post the individual entries from the Other Accounts Debit section of the cash payments journal to the proper general ledger accounts. 5. 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. 6. Total, prove, and rule the cash payments journal as of June 30. 7. 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? Complete this question by entering your answers in the tabs below. General Ledgers Cash Payments Petty Cash Analysis Analyze Post the opening balances and transactions into the appropriate ledger accounts. Cash Date June 1, 2019 Account No: 101 Credit Balance Petty Cash Fund Date Debit Account No: 105 Credit Balance Debit General Ledgers Cash Payments Petty Cash Analysis Analyze Post the opening balances and transactions into the appropriate ledger accounts. Cash Account No: 101 Credit Balance Petty Cash Fund Debit Dat Account No: 105 Credit Balance June 1, 2019 Notes Payable Supplies Date June 01, 2019 Account No: 129 Credit Balance Debit Account No: 201 Credit Balance Date Debit June 01. 2019 Accounts Payable Date Debit June 01. 2019 Account No: 205 Credit Balance Sales Tax Payable Date Debit June 01, 2019 Account No: 231 Credit Balance Larry Jennings, Drawing Date Debit Account No: 302 Credit Balance Sales Returns and Allowances Debit Account No: 451 Credit Balance Account No: 304 Purchase Discounts Date Debet Hivery Expense Debil Credit Rent Expense Account No: 620 Salaries Expense Date Debit Account No: 623 Credit Balance Date Debit Credit Balance Telephone Expense Date Debit Account No: 626 Credit Balance Interest Expense Date Debit Account No: 634 Credit Balance Miscellaneous Expense Date Debit Account No: 635 Credit Balance Cash Payments > General Ledgers Cash Payments Petty Cash Analysis Analyze Record all payments by check in a cash payments journal. (Record the transactions in the given order.) CASH PAYMENTS JOURNAL Other Accounts Debit Date CK. No Description Accounts Payable Debit Purchases Discount Credit Cash Credit Account Name Amount June 1, 2019 June 2, 2019 June 3, 2019 June 4, 2019 June 7, 2019 June 10, 2019 June 12, 2018 June 17, 201 June 20, 2018 June 27, 2019 June 30, 2019 June 30, 2018 June 30, 2019 Totals General Ledgers Cash Payments Petty cash Analysis Analyze Record all payments from the petty cash fund on a petty cash analysis sheet. (Record the transactions in the given order) TY CASH ANALYSIS SHEET Description Receipts Payments Supplies Debit DISTRIBUTION OF PAYMENTS Delivery Other Accounts Debil Misc Expense Expense Debit Debit Account Name Amount June 4, 2019 June 5, 2019 June 8, 2019 June 15, 2019 June 22, 2019 June 25, 2019 June 30, 2019 June 30, 2019 Totals June 30, 2019 OSOS OS June 30, 2019 June 30, 2019 June 30, 2019 What total payments were made from the petty cash fund for the month? Complete this question by entering your answers in the tabs below General Ledgers Cash Payments Petty Cash Analysis Analyze What total payments were made from the petty cash fund for the month? Total payments made from the petty cash fund General Ledgers Cash Payments Petty Cash Analysis Analyze Record all payments by check in a cash payments journal. (Record the transactions in the given order.) CASH PAYMENTS JOURNAL Other Accounts Debit Date CK. No Description Accounts Payable Debit Purchases Discount Credit Cash Credit Account Name Amount June 1, 2019 June 2, 2019 June 3, 2019 June 4, 2019 June 7, 2019 June 10, 2019 June 12, 2018 June 17, 201 June 20, 2018 June 27, 2019 June 30, 2019 June 30, 2018 June 30, 2019 Totals General Ledgers Cash Payments Petty cash Analysis Analyze Record all payments from the petty cash fund on a petty cash analysis sheet. (Record the transactions in the given order) TY CASH ANALYSIS SHEET Description Receipts Payments Supplies Debit DISTRIBUTION OF PAYMENTS Delivery Other Accounts Debil Misc Expense Expense Debit Debit Account Name Amount June 4, 2019 June 5, 2019 June 8, 2019 June 15, 2019 June 22, 2019 June 25, 2019 June 30, 2019 June 30, 2019 Totals June 30, 2019 OSOS OS June 30, 2019 June 30, 2019 June 30, 2019 What total payments were made from the petty cash fund for the month? Complete this question by entering your answers in the tabs below General Ledgers Cash Payments Petty Cash Analysis Analyze What total payments were made from the petty cash fund for the month? Total payments made from the petty cash fund

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

Principles Of Accounting

Authors: Steven M. Bragg

1st Edition

1642210773, 978-1642210774

More Books

Students also viewed these Accounting questions

Question

What needs do all people have in common?

Answered: 1 week ago