Weygandt, Accounting Principles, 12e Principles of Accounting 12e (ACC 171/272)

Question

Weygandt, Accounting Principles, 12e Principles of Accounting 12e (ACC 171/272) Gradebook ORION Problem 8-2A Forney Company maintains a petty cash fund for small expenditures. The following transactions ocourred over a 2-month peniod July I Established petty cash fund by writing a check on Scranton Bank for s205 15 Replenished the petty cash fund by writing a check for?200 90, on this date the fund consisted af S4.10 in cash and the folowng petty cash reempts: freight-out 94.00, postage expense $42.60, entertainment expense $47.0, and miscellaneous expense $14.90 31 Replenished the petty cash fund by writing a check for $196.20. At this date, the fund consisted of $8.80 in cash and the following petty cash receigts: freight-ou $79.80, charitable contributions expense $44.20, postage expense $44.60, and miscellanecus expense $27.60 Aug. 15 Replenished the petty cash fund by writing a check for $191.60 On this date, the fund consisted of s13.40 in cash and the folowing petty cash nece-pes: treghe- out $77.00, entertainment expense $41.50, postage expense $31.00, and miscelianeous expense $43.30 16 Increased the amount of the petty cash fund to $305 by wing a check for $100 31 Reclenished the petty cash fund by wirting a check for $288.90. 0n his date, the fund consisted of $16.10 ih cesh and the folowing pety cash receigs pestage expense $140.60, trayel expense $92.40, and freight-out $54.40. account tities are automatically indented when amount is entered. Do not indent manually, Round answers to 2 are automatically Jourmalire the petty cash transactions. (Credit decimal places,e.g. s2.75.) Date Account Titles and Explanation July 15 version 4 x PalisyI 2000 2018 3ch Wiley&SonsIn; All Rights Reserved. A Division of hn Wley &Sons;, Inc 9 3 4

Explanation / Answer

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JOURNAL ENTRIES DATE ACCOUNTS TITLE AND EXPLANATIONS DEBIT $ CREDIT $ 1-Jul Petty cash Account Dr. 205      Cash Account 205 15-Jul Freight out expense Dr. 94 Postage expense Account Dr. 42.6 Entertainment expense Dr. 47.6 Misc expense Account Dr. 14.9 Short / Surplus account Dr. 1.8      cash Account 200.9 31-Jul Freight out expense Dr. 79.8 Postage expense Account Dr. 44.6 Charity expense Dr. 44.2 Misc expense Account Dr. 27.6        Cash Account 196.2 15-Aug Freight out expense Dr. 77 Postage expense Account Dr. 31 Entertainment expense Dr. 41.5 Misc expense Account Dr. 43.3     Cash Account 191.6      Short/ Surplus Account 1.2 16-Aug Petty cash Account Dr. 100      Cash Account 100 31-Aug Postage expense Dr. 140.6 Travelling expense Dr. 92.4 Freight out expense Dr. 54.4 Short/ Shortage account Dr. 1.5        Cash Account 288.9 PETTY CASH ACCOUNT: DATE EXPLANATION DEBIT CREDIT BALANCE 1-Jul cash Account-Fund created 205 205 Dr. 16-Aug Cash account-increase the fund 100 305 Dr.

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