Question

Exercise 7-22 Sheffield, Inc, decided to establish a petty cash fund to help ensure internal control over its small cash expenditures. The following information is available for the month of April. re inte ts small cash 1. On April 1, it established a petty cash fund in the amount of $239 2. A summary of the petty cash expenditures made by the petty cash custodian as of April 10 is as follows. $70 Delivery charges paid on merchandise purchased Supplies purchased and used Postage expense .O.U. from employces Miscellaneous expense 46 The petty cash fund was replenished on April 10. The balance in the fund was $10 3. The petty cash fund balance was increased by $110 to $349 on April 20 Prepare the journal entries to record transactions related to petty cash for the month of April. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit April 10 Click if you would like to Show work for this question: geenshowwork

Answer 1

Journal

Date	Account title	Debit	Credit
April 1	Petty cash	239
	Cash		239
April 10	Delivery charges	70
	Supplies	35
	Postage expense	43
	I.O.U. from employees	27
	Misc. Expense	46
	Cash short (over)	8
	Petty Cash		229
April 10	Petty cash	229
	Cash		229
April 20	Petty cash	110
	Cash		110

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