6. A company had the following petty cash transactions: a) Established a petty c

Question

6. A company had the following petty cash transactions: a) Established a petty cash fund of $100 on September 1. b) On September 10, the petty cash fund was replenished when there was 316 remaining and there were petty cash receipts for office supplics, $27: transportation-in on inventory purchased, S32; and postage, $22. c) On September 15, the petty cash fund was increased to 5125 in total. Record the September 1. 10, and 15 transactions in general journal form including journal entry explanations. Six (6) points Account Titles and Explanation Debit Credit

Explanation / Answer

Sep-01 Petty Cash $ 100 Cash $ 100 Sep-10 Office supplies $    27 Transportation - in $    32 Postage $    22 Cash Shortage ($100-$16-$27-$32-$22) $      3 Petty Cash $    84 To record amounts expended from petty cash) Sep-15 Petty Cash ($125-$16) $ 109 Cash $ 109 (being amount needed to top up the petty cash box to $125)

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