Petty Cash Transactions A small company maintains a petty cash fund for minor expenditures. In February and March 2014, the following transactions took place: a. The fund was established in the amount of $200.00 on Feb, 1 from the proceeds of check no. 2717. b. On Feb. 28, the petty cash fund had cash of $30.92 and the following receipts on hand: postage, $80.00; supplies, $49.88; delivery service, $24.80; and rubber stamp, $14.40. Check no. 2748 was drawn to replenish the fund. c. On March 31, the petty cash fund had cash of $44.12 and these receipts on hand: postage, $68.40; supplies, $65.68; and delivery service, $12.80. The petty cash custodian could not account for the shortage. Check no. 2897 was drawn to replenish the fund. Prepare the journal entries necessary to record each transaction.
Petty Cash Transactions A small company maintains a petty cash fund for minor expenditures. In February and March 2014, the following transactions took place: a. The fund was established in the amount of $200.00 on Feb, 1 from the proceeds of check no. 2717. b. On Feb. 28, the petty cash fund had cash of $30.92 and the following receipts on hand: postage, $80.00; supplies, $49.88; delivery service, $24.80; and rubber stamp, $14.40. Check no. 2748 was drawn to replenish the fund. c. On March 31, the petty cash fund had cash of $44.12 and these receipts on hand: postage, $68.40; supplies, $65.68; and delivery service, $12.80. The petty cash custodian could not account for the shortage. Check no. 2897 was drawn to replenish the fund. Prepare the journal entries necessary to record each transaction.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 20E
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