Problem 8-03A a-b (Part Level Submission) (Video) Waterway 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 $225. 15 Replenished the petty cash fund by writing a check for $221.90. On this date, the fund consisted of $3.10 in cash and these petty cash receipts: freight-out $93.00, entertainment expense $48.30, postage expense $42.10, and miscellaneous expense $36.80. 16 Increased the amount of the petty cash fund to $305 by writing a check for $80.00. 31 Replenished the petty cash fund by writing a check for $288.10. On this date, the fund consisted of $16.90 in cash and these petty cash receipts: postage expense $141.80, entertainment expense $95.60, and freight-out $49.50.
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.)
Solution:
Journal Entries | |||
Date | Particulars | Debit | Credit |
1-Aug | Petty Cash Dr | $205.00 | |
To Cash | $205.00 | ||
(To establish petty cash fund) | |||
15-Aug | Freight out Dr | $93.00 | |
Entertainment expense Dr | $48.30 | ||
Postage expense Dr | $42.10 | ||
Miscellaneous expense Dr | $36.80 | ||
Cash over and short Dr | $1.70 | ||
To Cash | $221.90 | ||
(To replenish the petty cash fund) | |||
16-Aug | Petty Cash Dr | $80.00 | |
To Cash | $80.00 | ||
(To establish petty cash fund) | |||
31-Aug | Freight out Dr | $49.50 | |
Entertainment expense Dr | $95.60 | ||
Postage expense Dr | $141.80 | ||
Cash over and short Dr | $1.20 | ||
To Cash | $288.10 | ||
(To replenish the petty cash fund) |
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