Question

Sadie Equestrian Services established a petty cash fund in the amount of $500 on June 1. 2013. On lune 30, a review of the pe

Journalize the following: a) Transaction to establish Petty Cash Fund Description Debit Credit Date June 1 b) Transaction to

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Answer #1

a)

Date Account title and explanation Debit Credit
June 1 Petty cash $500
Cash $500
[To open the petty cash fund]

b)

Date Account title and explanation Debit Credit
June 30 Stamps $50
Cab Fare $26
Dinner $172
Messenger costs $49
Advance $40
Office supplies $53
Cash short&Over $8
Cash $390
[To replenish the petty cash fund]

c)

Date Account title and explanation Debit Credit
June 30 Petty cash [$700-$500] $200
Cash $200
[To increase the petty cash fund]

Calculations:

Fund balance A $500
Cash on hand $102
Petty cash tickets (50+26+172+49+40+53) $390
Total account for B $492
Amount of cash missing A-B $8
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