Journalizing cash payments and recording petty cash transactions.
The Asian Tales Gift Shop, a retail business, started a $250 petty cash fund on September 4. Below are descriptions of the transactions to establish the petty cash fund, disburse petty cash during September, and replenish the petty cash fund on September 30.
INSTRUCTIONS
1. Record the transaction on September 4 to establish the petty cash fund in a general journal. Use 7 as the page number.
2. Record all transactions on a petty cash analysis sheet. Use 1 as the page number.
3. Record the transaction on September 4 to replenish the petty cash fund in the general journal.
DATE | TRANSACTIONS |
Sept. 4 | Issued Check 910 for $250 to establish a petty cash fund. |
6 | Paid $22 from the petty cash fund for delivery service, Petty Cash Voucher 1. |
12 | Paid $32 from the petty cash fund for office supplies, Petty Cash Voucher 2. |
18 | Paid $75 from the petty cash fund to the owner, Fred Chin, for his personal use, Petty Cash Voucher 3. |
24 | Paid $30 from the petty cash fund for postage stamps, Petty Cash Voucher 4. |
28 | Paid $32 from the petty cash fund for delivery service, Petty Cash Voucher 5. |
30 | Issued Check 950 for $191 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 is the balance of the Petty Cash Fund on September 30, after replenishment?
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