Question

[The following information applies to the questions displayed below.) Harristown Hockey Club (HHC) maintains a petty cash fund for minor club expenditures. The petty cash custodian, Wayne Crosby, describes the events that occurred during the last two months: a. I established the fund by cashing a check from HHC for $280 made payable to me. b. Tom Canuck provided a $76 receipt for repairs to the club's computer, so I paid $76 cash to him. c. Kim Harra provided a receipt for $56 for various supplies she planned to use to decorate the arena later this year. I paid $56 cash to her. d. Trainer Jim bought some equipment that the club intends to use for the next few years. He gave me the receipt and I paid him $86. e. On the last day of the month, I prepared a summary of expenditures and requested the fund be replenished. I received and cashed a check from HHC for $218, placing the cash into a locked cash box. f. Wendy Wignes provided receipts for supplies purchased for the club's office for use next month. I paid $131 cash to her. g. Destiny Hook provided a phone bill showing she had paid $36 for telephone calls made to contact referees for the annual tournament. I paid her $36 cash. h. Gutty McTavish submitted a receipt for $41 for a haircut he received. I did not pay him. i. On the last day of the month, I received and cashed a check from HHC for $167, placing the cash into the locked cash box.

Answer 1

Harristown Hockey Club Journal Entry Trans. Particulars a. Cash a/c Dr. To Bank (established the fund by cashing a cheque from HHC bank) Debit in $ Credit in $ 280 280 b. 76 Repair & Maintenance a/c Dr. To Cash (cash paid for repairs and maintenance) 76 56 Miscellaneous Expense a/c Dr. To Cash (cash paid for decoration expenses) 56 d. 86 Equipment a/c Dr. To Cash (Equipment bought for the club) 86 e. Cash a/c Dr. 218 To Bank (cash received by encashing the cheque in bank) 218 131 Miscellaneous Expense a/c Dr. To Cash (supplies purchased for club) 131 Miscellaneous Expense a/c Dr. To Cash (telephone bill paid) 36 No Entry Required Dr. 167 Cash a/c To Bank (cash received) 167