Journalize the petty cash transactions.Post to the Petty Cash account Forney Com

Question

Journalize the petty cash transactions.Post to the Petty Cash account

Forney 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 Scranton Bank for $205. 15 Replenished the petty cash fund by writing a check for $201.30. On this date the fund consisted of $3.70 in cash and the following petty cash receipts: freight-out $93.00, postage expense $40.80, entertainment expense $47.10, and miscellaneous expense $18.80. 31 Replenished the petty cash fund by writing a check for $196.30. At this date, the fund consisted of $8.70 in cash and the following petty cash receipts: freight-out $80.10, charitable contributions expense $44.40, postage expense $43.60, and miscellaneous expense $28.20. Aug. 15 Replenished the petty cash fund by writing a check for $191.60. On this date, the fund consisted of $13.40 in cash and the following petty cash receipts: freight-out $73.40, entertainment expense $41.40, postage expense $32.30, and miscellaneous expense $45.80. 16 Increased the amount of the petty cash fund to $325 by writing a check for $120. 31 Replenished the petty cash fund by writing a check for $308.70. On this date, the fund consisted of $16.30 in cash and the following petty cash receipts: postage expense $139.20, travel expense $95.20, and freight-out $72.50.

Explanation / Answer

S.No. Particulars debit $ credit $ July, 1 Petty Cash          205.00 Cash          205.00 July, 15 Delivery Expense            93.00 Postage Expense            40.80 Entertainment Expense            47.10 Miscellaneous Expense            18.80 Cash over and Short              1.60 Cash          201.30 July, 31 Delivery Expense            80.10 Charitable Contributions            44.40 Postage Expense            43.60 Miscellaneous Expense            28.20 Cash          196.30 August, 15 Delivery Expense            73.40 Entertainment Expense            41.40 Postage Expense            32.30 Miscellaneous Expense            45.80 Cash          191.60 Cash over and short              1.30 August, 16 Petty Cash          120.00 Cash          120.00 August, 31 Postage Expense          139.20 Travel Expense            95.20 Delivery Expense            72.50 Cash over and short              1.80 Cash 308.7

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