Question

View Polides Current Attempt in Progress -/1 Blossom Company maintains a petty cash fund for small penditures. The following transactions occurred over a two month period: Feb. 1 Feb 15 Feb. 28 Established petty cash fund by writing a cheque on Algonquin Bank for $200.00. Replenished the petty cash fund by writing a cheque for $195.00. On this date the fund consisted of $500 in cash and the following petty cash receipts: Freight out $82.00 Postage expense 72.90 Entertainment expense 36.70 Replenished the petty cash fund by writing acheque for $152.00. At this date, the fund consisted of $48.00 in cash and the following petty cash receipts: Freight out $4250 Entertainment expense 2500 Repairs expense 41.80 Supplies 45.00 Replenished the petty cash fund by writing a cheque for $187.00 On this date, the fund consisted of $13.00 in cash and the following petty cash receipts: Freight out $3740 Entertainment expense 54.00 Postage expense 33.05 Supplies 67.00 Increased the amount of the petty cash fund to $250.00 by writing a cheque for $50.00 Replenished the petty cash fund by writing a cheque for $234.00 On this date, the fund consisted of $16.00 in cash and the following petty cash receipts: Postage expense $40.00 Travel expense 75.30 Freight out 47.40 Mar 15 Mar 16 Mar 31 o

Answer 1

Dear student, we cannot able to post solution more than one question as per our policy.

Feb 15
Freight out (Delivery) Expense	$    82.00
Postage expense	$    72.90
Entertainment expense	$    36.70
Total Cash Paid	$ 191.60
Petty Cash fund balance at beginning	$ 200.00
Less: Total Cash Paid	$ 191.60
Petty Cash fund Balance	$       8.40
Less: Actual Petty cash balance	$       5.00
Cash Short (over)	$       3.40

Feb 28
Freight out (Delivery) Expense	42.50
Entertainment expense	25.00
Repairs expense	41.80
Supplies	45.00
Total Cash Paid	$ 154.30
Petty Cash fund balance at beginning	$ 200.00
Less: Total Cash Paid	$ 154.30
Petty Cash fund Balance	$    45.70
Less: Actual Petty cash balance	$    48.00
Cash Short (over)	$    (2.30)

Mar 15
Freight out (Delivery) Expense	37.40
Entertainment expense	54.00
Postage expense	33.05
Supplies	67.00
Total Cash Paid	$ 191.45
Petty Cash fund balance at beginning	$ 200.00
Less: Total Cash Paid	$ 191.45
Petty Cash fund Balance	$       8.55
Less: Actual Petty cash balance	$    13.00
Cash Short (over)	$    (4.45)

Mar 31
Postage expense	$    40.00
Travel expense	$    75.30
Freight out (Delivery) Expense	$    47.40
Total Cash Paid	$ 162.70
Petty Cash fund balance at beginning	$ 250.00
Less: Total Cash Paid	$ 162.70
Petty Cash fund Balance	$    87.30
Less: Actual Petty cash balance	$    16.00
Cash Short (over)	$    71.30

Journal entries
Date	General Journal	Debit	Credit
Feb 1	Petty Cash	200.00
	Cash		200.00
	(To record create a petty cash fund. )
Feb 15	Freight out (Delivery) Expense	82.00
	Postage expense	72.90
	Entertainment expense	36.70
	Cash Short and Over	3.40
	Cash		195.00
	(To record the replenish a petty cash fund and arise cash over. )
Feb 28	Freight out (Delivery) Expense	42.50
	Entertainment expense	25.00
	Repairs expense	41.80
	Supplies	45.00
	Cash Short and Over		2.30
	Cash		152.00
	(To record the replenish a petty cash fund and arise cash over. )
Mar 15	Freight out (Delivery) Expense	37.40
	Entertainment expense	54.00
	Repairs expense	33.05
	Supplies	67.00
	Cash Short and Over		4.45
	Cash		187.00
	(To record the replenish a petty cash fund and arise cash over. )
Mar 16	Petty Cash	50.00
	Cash		50.00
	(To record increase the size of the petty cash fund.)
Mar 31	Postage expense	40.00
	Travel expense	75.30
	Freight out (Delivery) Expense	47.40
	Cash Short and Over	71.30
	Cash		234.00
	(To record the replenish a petty cash fund and arise cash over. )