6A-2. (Somewhat similar to problem 6A-1) Record the following transactions in ge

Question

6A-2. (Somewhat similar to problem 6A-1) Record the following transactions in general journal format. June 1 Start a petty cash fund in the amount of $930. June 7 An executive collects $127 from the petty cash administrator as a reimbursement for a client's taxi. The executive gives the administrator a receipt for the full amount. June 30 The petty cash fund is replenished. July 6 An entry for today's cash receipts needs to be recorded in the journal. The cash register tape indicates receipts of $1,740. Unfortunately the actual cash in the drawer is only 1,110.

Explanation / Answer

Journal Entry Date Description Debit Credit 01-Jun Petty Cash $930.00 Cash $930.00 ( Being Cash tranferred to pett Cash fund) 07-Jun Travel Expense $127.00 Petty Cash $127.00 Being Taxi's reimbursement made through Petty Cash Fund 30-Jun Cash $803.00 Petty Cash $803.00 Being Peety cash Fund replenished 6-July Shortage in Cash $630.00 Cash $630.00 ( Being Cash shortage as per account and Physical Cash available

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