Wrote a $360 check, cashed it, and gave the proceeds and the petty cashbox to Bo
ID: 2373277 • Letter: W
Question
Wrote a $360 check, cashed it, and gave the proceeds and the petty cashbox to Bo Brown, the petty cashier.
Purchased bond paper for the copier for $14.55 that is immediately used.
Paid $36.50 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. Shelton uses the perpetual system to account for merchandise inventory.
Paid $7.45 postage to express mail a contract to a client.
Reimbursed Alli Buck, the manager, $69 for business mileage on her car.
Purchased stationery for $68.87 that is immediately used.
Paid a courier $21 to deliver merchandise sold to a customer, terms FOB destination.
Paid $10.50 COD shipping charges on merchandise purchased for resale, terms FOB shipping point.
The fund had $23.62 remaining in the petty cash box. Sorted the petty cash receipts by accounts affected and exchanged them for a check to reimburse the fund for expenditures.
Prepare the journal entries for part 2 to both (a) reimburse and (b) increase the fund amount.(Round your answers to 2 decimal places. Omit the "$" sign in your response.)
Shawnee Co. set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May (the last month of the company's fiscal year).
Prepared a company check to replenish the fund for the following expenditures made since May1.
Prepared a company check for $200 to increase the fund to $500.
The petty cashier reports that $349.32 cash remains in the fund. A company check is drawn to replenish the fund for the following expenditures made since May 15.
g. Reimbursed the office manager for business mileage, $42.78.
h. Paid $44.17 to deliver merchandise to a customer, terms FOB destination.
The company decides that the May 16 increase in the fund was too large. It reduces the fund by $50, leaving a total of $450.
Prepare journal entries to establish the fund on May 1, to replenish it on May 15 and on May 31, and to reflect any increase or decrease in the fund balance on May 16 and May 31. (Round your answers to 2 decimal places. Omit the "$" sign in your response.)
need to answer these two blanks
Shelton Gallery had the following petty cash transactions in February of the current year.Explanation / Answer
1. Prepare the journal entry to establish the petty cash fund.
Dr Petty cash $300
Cr Cash $300
2. Prepare a petty cash payments report for February with these categories: delivery expense, mileage expense, postage expense, merchandise inventory (for transportation-in), and office supplies expense.
Petty cash payments report for February
5 Office supplies expense $10.13
9 Merchandise inventory $22.50 - COD shipping charges
12 Postage expense $9.95
14 Mileage expense - Alli Buck $58
20 Office supplies expense $77.76
23 Delivery expense $18
25 Merchandise inventory $15.10
27 Postage expense $64
Total spent $275.44
(There should be $24.56 remaining in the cash box but there is only $21.23, so there is a shortage of $3.33, which will be taken to office supplies expense since cash shortage is not one of the categories given)
28 The fund had $21.23 remaining in the petty cash box.
Sorted the petty cash receipts by accounts affected and exchanged them for a check to reimburse the fund for expenditures. The fund amount is also increased to $400.
Sort the payments into the appropriate categories and total the expenditures in each category.
Office supplies expense $91.22
Merchandise inventory $37.60
Postage expense $73.95
Mileage expense $58.00
Delivery expense $18.00
Total disbursed $278.77
3. Prepare the journal entries for part 2 to both
(a) reimburse
Dr Office supplies expense $91.22
Dr Merchandise inventory $37.60
Dr Postage expense $73.95
Dr Mileage expense $58.00
Dr Delivery expense $18.00
Cr Petty cash $278.77
and (b) increase the fund amount.
Dr Petty cash $378.77
Cr Cash $378.77
(to reimburse $278.77 and increase the fund to $400)
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