PR 8-2A Transactions for petty cash, cash short and over Cactus Restoration Comp

Question

PR 8-2A Transactions for petty cash, cash short and over Cactus Restoration Company completed the following selected transactions during May 2016: OBJ.3, 6 Oct. 1. Established a petty cash fund of $750 The cash sales for the day, according to the cash register records, totaled $12,440 cash sales for the day, according to the cash register records, totaled $12,440 12. The actual cash received from cash sales was $12,465 31. Petty cash on hand was $157. Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt: each evidenced by a petty cash receipt

Explanation / Answer

date

Description

Debit

Credit

Oct 1

Petty cash

$750

To Cash

$750

Oct 12

Cash

12,465

To Sales

12,440

To Cash over and short

25

Oct 31

Store supplies

390

Delivery expense

90

Office supplies

56

Administrative expense

42

Over and short

15

To Cash

593

Oct 31

Cash

18,780

Over and short

40

To Sales

18,820

Cash

100

To petty cash

100

date

Description

Debit

Credit

Oct 1

Petty cash

$750

To Cash

$750

Oct 12

Cash

12,465

To Sales

12,440

To Cash over and short

25

Oct 31

Store supplies

390

Delivery expense

90

Office supplies

56

Administrative expense

42

Over and short

15

To Cash

593

Oct 31

Cash

18,780

Over and short

40

To Sales

18,820

Cash

100

To petty cash

100

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