The following information applies to the questions displayed below Service World

Question

The following information applies to the questions displayed below Service World maintains a petty cash fund. The fund custodian encountered the following events The fund was established when a check for $335 was cashed and deposited into a locked cash box. b An employee submitted a receipt for a customer delivery costing $27 and was reimbursed in full from petty cash. Another employee submitted a receipt for $67 for locksmith repairs to the office door and was reimbursed in full from petty cash d An employee submitted a receipt for newspaper advertising that cost the company $57. She was given $57 from the petty cash box. e The petty cash custodian received and cashed a check that fully An employee submitted a receipt for $42 for supplies and was 9 An employee submitted a receipt for $72 for filling up his replenished the petty cash fund. reimbursed in full from petty cash personal vehicle. He was not reimbursed because it would violate company policy. At the end of the month, a check was given to the petty cash custodian to not only replenish the petty cash fund but also increase the total fund to $455 7.00 points Required: 1 Prepare any required journal entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet The fund was established when a check for $335 was cashed and deposited nto a locked cash box, Record the transaction. Note: Enber debits before credits

Explanation / Answer

Journal Entry a) Petty cash $335.00 Cash $335.00 [To record establishment petty cash] e) Delivery expenses $27.00 Office expenses $67.00 Advertising expenses $57.00 Cash $151.00 [To record replenishment of petty cash] h) Supplies $42.00 Petty cash ($455-$335) $120.00 Cash $162.00 [To record replenishment and enhancement of petty cash]

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