Answered step by step
Verified Expert Solution
Link Copied!

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

image text in transcribed

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 $800. 12. The cash sales for the day, according to the cash register records, totaled $12,736. The actual cash received from cash sales was $12,770. 30. Petty cash on hand was $61. Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt: June 2. Store supplies, $88. June 10. Express charges on merchandise purchased, $128 (Merchandise Inventory). June 14. Office supplies, $56. June 15. Office supplies, $64. June 18. Postage stamps, 567 (Office Supplies). June 20. Repair to fax, 5160 (Miscellaneous Administrative Expense). June 21. Repair to office door lock, 556 (Miscellaneous Administrative Expense). June 22. Postage due on special delivery letter, 543 (Miscellaneous Administrative Expense). June 28. Express charges on merchandise purchased, $64 (Merchandise Inventory). 30. The cash sales for the day, according to the cash register records, totaled $18,366. The actual cash received from cash sales was $18,330. 30. Increased the petty cash fund by $200. Required: 2 Journalize the transactions. If an amount box does not require an entry, leave it blank. June 1 June 12 June 30-Replenish June 30-Sale | 111 il June 30-Petty cash

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_2

Step: 3

blur-text-image_3

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

Financial And Accounting Principles In Islamic Finance

Authors: Samir Alamad

1st Edition

3030162982, 9783030162986

More Books

Students also viewed these Accounting questions

Question

3. Use personal best goals, not between-student competition.

Answered: 1 week ago