Question

Sunshine Health established a $130 petty cash fund on January 1. From January 2 through 10, payments were made from the fund, as listed below. On January 12, the fund had only $16 remaining; a cheque was written to replenish the fund.

1. January 2—Paid cash for deliveries to customers—$29
2. January 7—Paid cash for taxi fare incurred by office manager—$62
3. January 10—Paid cash for pens and other office supplies—$23

Required:
Prepare the journal entries, if any, required for January. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)


Journal entry worksheet 3 Record the establishment of petty cash fund for $130 on January 1. Note: Enter debits before credits. Date General Journal Debit Credit Jan. 1 Record entry Clear entry View general journal

Answer 1

Journal Entries Date Account Title and Explaination Debit Credit Post. Ref. Jan.1 130.00 Petty Cash Cash (To record Establishment of Petty Cash Fund) 130.00 Jan. 1 - 10 No Journal Entry Required for Payments during Jan.1 to Jan.10 Jan. 12 Delivery Expenses Travelling Expenses Office Supplies Cash (To record replenishment of Petty Cash Fund) 29.00 62.00 23.00 114.00