Question

Sheffield Company maintains a petty cash fund for small expenditures. These transactions occurred during the month...

Sheffield Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August.
Aug. 1 Established the petty cash fund by writing a check payable to the petty cash custodian for $215.
15 Replenished the petty cash fund by writing a check for $211.80. On this date, the fund consisted of $3.20 in cash and these petty cash receipts: freight-out $96.00, entertainment expense $48.90, postage expense $41.10, and miscellaneous expense $24.80.
16 Increased the amount of the petty cash fund to $310 by writing a check for $95.00.
31 Replenished the petty cash fund by writing a check for $293.10. On this date, the fund consisted of $16.90 in cash and these petty cash receipts: postage expense $138.90, entertainment expense $96.50, and freight-out $56.40.
Journalize the petty cash transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 52.75.)

Date

Account Titles and Explanation

Debit

Credit

Aug. 1Aug. 15Aug. 16Aug. 31

Aug. 1Aug. 15Aug. 16Aug. 31

Aug. 1Aug. 15Aug. 16Aug. 31

Aug. 1Aug. 15Aug. 16Aug. 31

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Post to the Petty Cash account. (Post entries in the order of journal entries presented in the previous part.)
Petty Cash

8/18/168/31. Bal.

8/18/168/31. Bal.

8/18/168/31. Bal.

8/18/168/31. Bal.

8/18/168/31. Bal.

8/18/168/31. Bal.

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Answer #1
Date Particulars Debit Credit
01-Aug Petty cash fund 215
Cash 25
( Being petty cash fund established)
15-Aug Freight-out 96
Entertainment Expense 48.9
postage expense 41.1
miscellaneous expense 24.8
Cash Short and over 1
Cash   211.8
(Being petty cash fund replenished)
16-Aug Petty cash fund 95
Cash 95
( Being petty cash fund increased)
31-Aug Postage expense 138.9
Entertainment expense 96.5
Freight out 56.4
Cash Short and over 1.3
Cash    293.1
(Being petty cash fund replenished)
Petty Cash
Date
01-Aug Cash 215
16-Aug cash 95
Total 310
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