Oct. 1 A petty cash is established with a check for $147.00 issued to the petty

Question

Oct. 1 A petty cash is established with a check for $147.00 issued to the petty cash custodian. 31 A check was written to reimburse the fund and increase the fund to $197.00. A count of the petty cash fund disclosed the following items: PRINCIPL ce Gradebook ORION Downloadable eTextbook ent Exercise 7-15 During October, Sheridan Company experiences the following transactions in establishing a petty cash fund Oct. 1 A petty cash fund is established with a check for $147.00 issued to the petty cash custodian. 31 A check was written to reimburse the fund and increase the fund to $197.00. A count of the petty cash fund disclosed the following items: Currency Coins $59.00 2.01 Supplies Telephone, Internet, and fax Postage Freight-Out $24.79 15.09 38.39 5.49 entered. Do not indent manually.) Debit Date Account Titles and Explanation Oct. 1 Oct. 31

Explanation / Answer

Date Account Titles Debit Credit Oct.1 Petty cash $147.00                Cash at Bank $147.00 (To establish the petty cash account) Oct. 31 Postage expense $38.39 Office supplies $24.79 Miscellaneous expense $15.09 Freight-out $5.49 Petty cash ($197-$147) $50.00 Cash over and short $2.23            Cash at bank $135.99 (To reimburse and increase the petty cash fund) Cash over and short Petty cash $147.00 Less: Postage expense $38.39 Office supplies $24.79 Miscellaneous expense $15.09 Freight-out $5.49 Currency $59.00 Coins $2.01 Cash over and short $2.23

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