P8-2A (a,b) Winningham Company maintains a petty cash fund for small expenditure
ID: 2346167 • Letter: P
Question
P8-2A (a,b)
Winningham Company maintains a petty cash fund for small expenditures. The following transactions occurred over a 2-month period.
July 1 Established petty cash fund by writing a check on Cubs Bank for $200.
15 Replenished the petty cash fund by writing a check for $196.00. On this date the fund consisted of $4.00 in cash and the following petty cash receipts: freight-out $94.00, postage expense $42.40, entertainment expense $46.60, and miscellaneous expense $11.20.
31 Replenished the petty cash fund by writing a check for $192.00. At this date, the fund consisted of $8.00 in cash and the following petty cash receipts: freight-out $82.10, charitable contributions expense $45.00, postage expense $25.50, and miscellaneous expense $39.40.
Aug. 15 Replenished the petty cash fund by writing a check for $187.00. On this date, the fund consisted of $13.00 in cash and the following petty cash receipts: freight-out $75.60, entertainment expense $43.00, postage expense $33.00, and miscellaneous expense $37.00.
16 Increased the amount of the petty cash fund to $300 by writing a check for $100.
31 Replenished petty cash fund by writing a check for $284.00. On this date, the fund consisted of $16 in cash and the following petty cash receipts: postage expense $140.00, travel expense $95.60, and freight-out $47.10.
Journalize the petty cash transactions. (For multiple debit/credit entries, list amounts from largest to smallest e.g. 10, 5, 3, 2. Round answers to 2 decimal places, e.g. 10.50.)
Date Description Debit Credit
July 1
July 15
July 31
Aug. 15
Aug. 16
Aug. 31
Post to the Petty Cash account. (If answer is zero, please enter 0. Do not leave any fields blank.)
Cash
No. 101
Date
Explanation
Ref.
Debit
Credit
Balance
July 1 CP
Aug. 16 CP
Explanation / Answer
July 1 Established petty cash fund by writing a check on Cubs Bank for $200.
______________________________________
Petty Cash $200
Cash $200
Established petty cash
______________________________________
15 Replenished the petty cash fund by writing a check for $196.00. On this date the fund consisted of $4.00 in cash and the following petty cash receipts: freight-out $94.00, postage expense $42.40, entertainment expense $46.60, and miscellaneous expense $11.20.
Petty Cash $196.00
Freight-Out $94.00
Postage expense $42.40
Entertainment expense $46.60
Miscellaneous expenses $11.20
Cash $390.20
Replenish petty cash fund
__________________________________________
31 Replenished the petty cash fund by writing a check for $192.00. At this date, the fund consisted of $8.00 in cash and the following petty cash receipts: freight-out $82.10, charitable contributions expense $45.00, postage expense $25.50, and miscellaneous expense $39.40.
Petty Cash $192.00
Freight-Out $82.10
Charitable Contr. exp. $45.00
Postage expense $25.50
Miscellaneous expenses $39.40
Cash $384.00
Replenish petty cash fund
_____________________________________________
Aug. 15 Replenished the petty cash fund by writing a check for $187.00. On this date, the fund consisted of $13.00 in cash and the following petty cash receipts: freight-out $75.60, entertainment expense $43.00, postage expense $33.00, and miscellaneous expense $37.00.
Petty Cash $187.00
Freight-Out $75.60
Entertainment expense $43.00
Postage expense $33.00
Miscellaneous expenses $37.00
Cash $375.60
Replenish petty cash fund
______________________________________________
16 Increased the amount of the petty cash fund to $300 by writing a check for $100.
Petty Cash $100
Cash $100
Increase the amount of petty cash fund
_______________________________________________
31 Replenished petty cash fund by writing a check for $284.00. On this date, the fund consisted of $16 in cash and the following petty cash receipts: postage expense $140.00, travel expense $95.60, and freight-out $47.10.
Petty Cash $284.00
Postage expense $140.00
Travel expense $95.60
Freight-Out $47.10
Cash $566.70
Replenish petty cash fund
______________________________________________
B) Post to the Petty Cash account. (If answer is zero, please enter 0. Do not leave any fields blank.)
Petty Cash Account
______________________________
Date Amount
July 1 Cash $200
July 15 Cash $196
Aug. 15 Cash $187
Aug. 16 Cash $100
Aug. 31 Cash $284
__________________________________
$967
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