Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Transactions for Petty Cash, Cash Short and Over Cedar Springs Company completed the following selected transactions during June: June 1. Established a petty cash fund
Transactions for Petty Cash, Cash Short and Over
Cedar Springs Company completed the following selected transactions during June:
-
June 1. Established a petty cash fund of $910. 12. The cash sales for the day, according to the cash register records, totaled $10,951. The actual cash received from cash sales was $10,995. 30. Petty cash on hand was $69. Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt: June 2. Store supplies, $100. June 10. Express charges on merchandise purchased, $146 (Merchandise Inventory). June 14. Office supplies, $64. June 15. Office supplies, $73. June 18. Postage stamps, $76 (Office Supplies). June 20. Repair to fax, $182 (Miscellaneous Administrative Expense). June 21. Repair to office door lock, $64 (Miscellaneous Administrative Expense). June 22. Postage due on special delivery letter, $49 (Miscellaneous Administrative Expense). June 28. Express charges on merchandise purchased, $73 (Merchandise Inventory). 30. The cash sales for the day, according to the cash register records, totaled $19,256. The actual cash received from cash sales was $19,233. 30. Increased the petty cash fund by $228. Required:
Journalize the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank.
June 1 June 12 June 30-Replenish June 30-Sale June 30-Petty cash
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started