Answer:
1) Journalize the petty cash transactions. | |||
Date | Account Title and explanation | Debit($) | Credit($) |
01-Aug | Petty Cash | 200.00 | |
Cash | 200.00 | ||
(To establish petty cash fund) | |||
15-Aug | Freight Out | 93.00 | |
Entertainment Expenses | 47.10 | ||
Postage Expenses | 43.50 | ||
Miscellaneous Expense | 11.40 | ||
Cash Over and Short | 1.70 | ||
Cash | 196.70 | ||
(To record cash expense) | |||
16-Aug | Petty Cash | 105.00 | |
Cash | 105.00 | ||
(To replenish petty cash) | |||
31-Aug | Postage Expense | 139.80 | |
Entertainment Expense | 92.60 | ||
Freight Out | 54.60 | ||
Cash Over and Short | 1.10 | ||
Cash | 288.10 | ||
(To record cash expense) |
2) Post to the Petty Cash account. | ||
Petty Cash | ||
01-Aug | Cash | $200 |
16-Aug | Cash | $105 |
31-Aug | Balance | $305 |
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