Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Transactions for Petty Cash, Cash Short and Over Picasso Restoration Company completed the following selected transactions during August 2016: Aug. 1. Established a petty cash
Transactions for Petty Cash, Cash Short and Over Picasso Restoration Company completed the following selected transactions during August 2016: Aug. 1. Established a petty cash fund of $960. 12. The cash sales for the day, according to the cash register records, totaled $12,528. The actual cash received from cash sales was $12,571. 30. Petty cash on hand was $73. Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt: Aug. 2. Store supplies, $106. Aug. 10. Express charges on merchandise sold, $154 (Delivery Expense). Aug. 14. Office supplies, $67. Aug. 15. Office supplies, $77. Aug. 18. Postage stamps, $81 (Office Supplies). Aug. 20. Repair to fax, $192 (Miscellaneous Administrative Expense). Aug. 21. Repair to office door lock, $67 (Miscellaneous Administrative Expense). Aug. 22. Postage due on special delivery letter, $52 (Miscellaneous Administrative Expense). Aug. 28. Express charges on merchandise sold, $77 (Delivery Expense). 30. The cash sales for the day, according to the cash register records, totaled $23,931. The actual cash received from cash sales was $23,880. 30. Decreased the petty cash fund by $240. Required: Journalize the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank. Required: Journalize the transactions. For a compound transaction, if an amount box does not require 2016, Aug. 1 Aug. 12 Aug. 30-Replenish . Il bl. 11. Aug. 30-Sale Aug. 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