Question

15 P7 2B Haig Company maintains a petty cash fund for small expenditures The following July 1 Established petty cash fund by writing a check on China Bank for $100 15 Replenished the petty cash fund by writing a check for $96.90 On this date, the fund consisted of $3.10 in cash and these petty cash receipts: S51.00 expense $23.10 expense $6.10 31 31 Replenished the petty cash fund by writing a check for $95.90 At this date, the fund consisted of $4.10 in cash and these receipts freight-out $43 50 expense S$20 00 laneous exp expense 512 30 On this date, the fund consisted of S2 00 in cash and these receipts expense $21.00 $16 00 expense $19.80 31 Replenished petty cash fund by writing a check for $137.00 16 the fund consisted of $13 in cash and these receipts expense $43 20, postage expense $17.70 Instructions la) More Below Required: below this problem B (next page) are the "working papers" for you to complete and then submit to the instructor ../ by the d P7-2B Haig Company maintains a petty cash fund for small expenditures The following transactions occurred over a 2-month period July Ii1 Established petty cash fund by writing a check on China Bank for $100 15 Replenished the petty cash fund by writing a check for $96.90 On this date, the fund consisted of $3.10 in cash and these petty cash receipts: freight-out $51 00. postage expense $20.50 entertainment expense $23 10 miscellaneous expense S6 10 Replenished the petly cash fund by writing a check for $95 90 At this date the fund consisted of $4.10 in cash and these receipts 31 freight-out $43 50 charitable contributions expense $20 00 postage expense S20 10 miscellaneous expense $12.30 Aug 15 Replenished the petty cash fund by writing a check for $98 00 On this date, the fund consisted of $2.00 in cash and these receipts t $40.20 postage expense $16 00 miscellaneous expense S is 31 increased the amount of the petty cash fund to S 150 by writing a check for S50. Replenished petty cash fund by writing a check for $137.00 On this date, the fund consisted of $13 in cash and these receipts freight-out $74,00 entertainment expense S43 20 postage expense $17.70 (a) J

Answer 1

Amount in $ Debit Date Accounts Titles and Expenses Petty Cash fund dr To Bank (Being Petty Cash is established) Credit 1-Jul 100 100 51.00 20.5 23.1 6.1 15-ul Freight A/c Dr Postage Exp A/c Dr Entertainment exp A/c Dr Misc Exp A/c Dr To Petty Cash fund To Cash over & short (Replinshed the petty cash fund) 96.9 3.8 31-Jul 96.9 Petty Cash fund dr To Bank (Being Petty Cash is established) 96.9 Freight A/c Dr Postage Exp A/c Dr Charitable Contribution Exp A/c Dr Misc Exp A/c Dr To Petty Cash fund (Replinshed the petty cash fund) 43.5 20.1 20 12.3 31-Jul 95.9 15-Aug Petty Cash fund dr To Bank 95.9 95.9 (Being Petty Cash is established) Freight A/c Dr Postage Exp A/c Dr Entertainment exp A/c Dr Misc Exp A/c Dr Cash over and short A/c Dr To Petty Cash fund (Replinshed the petty cash fund) 40.2 16 21 19.8 15-Aug 98 16-Aug Petty Cash fund dr To Bank (Being Petty Cash is established) 148 148 Freight A/c Dr Postage Exp A/c Dr Entertainment exp A/c Dr Cash over and short A/c Dr To Petty Cash fund (Replinshed the petty cash fund) 31-Aug 74 17.7 43.2 2.1 137