Cedar Springs Company completed the following selected transactions during June

Question

Cedar Springs Company completed the following selected transactions during June 2014:

Journalize the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank.

1. Established a petty cash fund of $1,000 12. The cash sales for the day, according to the cash register records, totaled $9,440 June The actual cash received from cash sales was $9,506 30. Petty cash on hand was $46. Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt: June 2. Store supplies, $375 10. Express charges on merchandise purchased, $105 (Merchandise Inventory) 14. Office supplies, $85 15. Office supplies, $90 18. Postage stamps, $33 (Office Supplies) 20. Repair to fax, $100 (Miscellaneous Administrative Expense) 21. Repair to office door lock, $25 (Miscellaneous Administrative Expense) 22. Postage due on special delivery letter, $9 (Miscellaneous Administra tive Expense) 28. Express charges on merchandise purchased, $110 (Merchandise Inventory) 30. The cash sales for the day, according to the cash register records, totaled $13,390. The actual cash received from cash sales was $13,350 30. Increased the petty cash fund by $200 2014 June 1 Petty Caslh 1000 Cash 1000 June 12 Cash 9506 Cash Short and Over Sales 9440 June 12-Replenish Store Supplies 375 Merchandise Inventory 215 Office Supplies 208 Miscellaneous Administrative E 134 Cash Short and Over ot 46 Cash June 30-Sale June 30-Petty Cash

Explanation / Answer

June 12 (replenish) Store Supplies                                    375

                                Merchandise Inventory                       215

                                Office Supplies                                    208

                                 Misc Adm Exp                                    134

                                 Cash short & over                                 22

                                              To Cash                                                                  1000

                                    

          Since we estabilished 1000 in petty cash at the beginning to meet the other expenses/ we will reduce 375+215+208+134+46(Petty cash in hand on 30 june) = 978 from 1000 which is equal to 22 which is our cash over/Short. .

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