Journalizing cash payments and recording petty cash transactions.
Rosa’s Floral Arrangements, a retail business, started a $300 petty cash fund on June 1. Below are descriptions of the transactions to establish the petty cash fund, disburse petty cash during June, and replenish the petty cash fund on June 30.
INSTRUCTIONS
1. Record the transaction to establish the petty cash fund on June 1 in a general journal. Use 8 as the page number.
2. Record all transactions on a petty cash analysis sheet. Use 1 as the page number.
3. Record the transaction to replenish the petty cash fund on June 30 in the general journal.
DATE | TRANSACTIONS |
June 1 | Issued Check 550 for $300 to establish a petty cash fund. |
5 | Paid $40 from the petty cash fund for office supplies, Petty Cash Voucher 1. |
8 | Paid $41 from the petty cash fund for postage stamps, Petty Cash Voucher 2. |
15 | Paid $28 from the petty cash fund for delivery service, Petty Cash Voucher 3. |
22 | Paid $50 from the petty cash fund to the owner, Rosa Calderon, for her personal use, Petty Cash Voucher 4. |
25 | Paid $40 from the petty cash fund to have the store windows washed, Petty Cash Voucher 5. |
29 | Paid $57 from the petty cash fund for delivery service, Petty Cash Voucher 6. |
30 | Issued Check 590 for $256 to replenish the petty cash fund. |
| (Foot the columns of the petty cash analysis sheet in order to determine the accounts that should be debited and the amounts involved.) |
Analyze: What were the total payments from the petty cash fund in June?
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