Recording Petty Cash Account Transactions During March, Anderson Company engaged
ID: 2461728 • Letter: R
Question
Recording Petty Cash Account Transactions During March, Anderson Company engaged in the following transactions involving its petty cash fund:
a.On March 1, Anderson Company established the petty cash fund by issuing a check for $1,500 to the fund custodian.
b.On March 4, the custodian paid $85 out of petty cash for freight charges on new equipment. This amount is properly classified as equipment.
c.On March 12, the custodian paid $140 out of petty cash for supplies. Anderson expenses supplies purchases as supplies expense.
d.On March 22, the custodian paid $25 out of petty cash for express mail services for reports sent to the Environmental Protection Agency. This is considered a miscellaneous expense.
e.On March 25, the custodian filed a claim for reimbursement of petty cash expenditures during the month totaling $250.
f.On March 31, Anderson issued a check for $250 to the custodian, replenishing the fund for expenditures during the month.
Prepare the journal entries required to record the petty cash account transactions that occurred during the month of March. If no entry is required, select "No entry required" and leave the amount boxes blank. For a compound transaction, if an amount box does not require an entry, leave it blank.
Mar. 1
Accounts Payable
Cash
Miscellaneous Expense
No entry required
Petty Cash
Correct 2
Correct 3
Accounts Payable
Cash
Miscellaneous Expense
No entry required
Petty Cash
Correct 4
Correct 5
Mar. 4
Accounts Payable
Cash
Equipment
No entry required
Petty Cash
Correct 7
Correct 8
Accounts Payable
Cash
Equipment
No entry required
Petty Cash
Correct 9
Correct 10
Mar. 12
Accounts Payable
Cash
No entry required
Petty Cash
Supplies Expense
Correct 12
Correct 13
Accounts Payable
Cash
No entry required
Petty Cash
Supplies Expense
Correct 14
Correct 15
Mar. 22
Accounts Payable
Cash
Miscellaneous Expense
No entry required
Petty Cash
Correct 17
Correct 18
Accounts Payable
Cash
Miscellaneous Expense
No entry required
Petty Cash
Correct 19
Correct 20
Mar. 25
Accounts Payable
Cash
Miscellaneous Expense
No entry required
Petty Cash
Correct 22
Correct 23
Accounts Payable
Cash
Miscellaneous Expense
No entry required
Petty Cash
Correct 24
Correct 25
Mar. 31
Accounts Payable
Cash
Equipment
No entry required
Petty Cash
Correct 27
Correct 28
Correct 29
Accounts Payable
Accounts Receivable
No entry required
Petty Cash
Supplies Expense
Correct 30
Correct 31
Correct 32
Accounts Payable
Accounts Receivable
Cash
Miscellaneous Expense
No entry required
Correct 33
Correct 34
Correct 35
Accounts Payable
Cash
Miscellaneous Expense
No entry required
Supplies Expense
Correct 36
Correct 37
Correct 38
Mar. 1
Accounts Payable
Cash
Miscellaneous Expense
No entry required
Petty Cash
Correct 2
Correct 3
Accounts Payable
Cash
Miscellaneous Expense
No entry required
Petty Cash
Correct 4
Correct 5
Mar. 4
Accounts Payable
Cash
Equipment
No entry required
Petty Cash
Correct 7
Correct 8
Accounts Payable
Cash
Equipment
No entry required
Petty Cash
Correct 9
Correct 10
Mar. 12
Accounts Payable
Cash
No entry required
Petty Cash
Supplies Expense
Correct 12
Correct 13
Accounts Payable
Cash
No entry required
Petty Cash
Supplies Expense
Correct 14
Correct 15
Mar. 22
Accounts Payable
Cash
Miscellaneous Expense
No entry required
Petty Cash
Correct 17
Correct 18
Accounts Payable
Cash
Miscellaneous Expense
No entry required
Petty Cash
Correct 19
Correct 20
Mar. 25
Accounts Payable
Cash
Miscellaneous Expense
No entry required
Petty Cash
Correct 22
Correct 23
Accounts Payable
Cash
Miscellaneous Expense
No entry required
Petty Cash
Correct 24
Correct 25
Mar. 31
Accounts Payable
Cash
Equipment
No entry required
Petty Cash
Correct 27
Correct 28
Correct 29
Accounts Payable
Accounts Receivable
No entry required
Petty Cash
Supplies Expense
Correct 30
Correct 31
Correct 32
Accounts Payable
Accounts Receivable
Cash
Miscellaneous Expense
No entry required
Correct 33
Correct 34
Correct 35
Accounts Payable
Cash
Miscellaneous Expense
No entry required
Supplies Expense
Correct 36
Correct 37
Correct 38
Explanation / Answer
Date Title Debit credit mar 1 Petty cash 1500 cash 1500 [being petty cash fund established] 4 Equipment 85 petty cash 85 [being freight paid on equipment capitalised] 12 supplies expense 140 petty cash 140 [being supplies expense paid] 22 Miscellaneous expense 25 petty cash 25 [being misc.expense paid] 25 No entry required 31 Petty cash 250 cash 250 [beinf fund replenished
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