Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Wyoming Restoration Company completed the following selected transactions during July 20Y1: July 1 Established a petty cash fund of $1,100. 12. The cash sales for
Wyoming Restoration Company completed the following selected transactions during July 20Y1: July 1 Established a petty cash fund of $1,100. 12. The cash sales for the day, according to the cash register records, totaled $8,192. The actual cash received from cash sales was $8,220. 31. Petty cash on hand was $47. Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt: July 3 Store supplies, $580. 7. Express charges on merchandise sold, $90 (Delivery Expense). 9. Office supplies, $30. 13. Office supplies, $35. 19. Postage stamps, $50 (Office Supplies). 21. Repair to office file cabinet lock, $60 (Miscellaneous Administrative Expense). 22. Postage due on special delivery letter, $28 (Miscellaneous Administrative Expense). Express charges on merchandise sold, $135 (Delivery Expense). 24. 30. Office supplies, $25. July 31. The cash sales for the day, according to the cash register records, totaled $10,241. The actual cash received from cash sales was $10,232. 31. Decreased the petty cash fund by $150. Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Coastal Bike Co. General Ledger ASSETS REVENUE 110 Cash 410 Sales 111 Petty Cash 610 Interest Revenue 112 Accounts Receivable-Bay View Condos 131 Notes Receivable EXPENSES 141 Merchandise Inventory 510 Cost of Merchandise Sold 145 Office Supplies 515 Credit Card Expense 146 Store Supplies 516 Cash Short and Over 151 Prepaid Insurance 520 Salaries Expense 181 Land 531 Advertising Expense 191 Office Equipment 532 Delivery Expense 533 Insurance Expense 192 Accumulated Depreciation Office Equipment 534 Office Supplies Expense 193 Store Equipment 535 Rent Expense 194 Accumulated Depreciation Store Equipment 536 Repairs Expense LIABILITIES 537 Selling Expenses 538 Store Supplies Expense 211 Accounts Payable-Rack Pro Co. 561 Depreciation Expense-Office Equipment 221 Notes Payable 222 Interest Payable 562 Depreciation Expense-Store Equipment 590 Miscellaneous Expense 231 Salaries Payable Previous 151 Prepaid Insurance 520 Salaries Expense
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