Transactions for Petty Cash, Cash Short and Over Cedar Springs Company completed

Question

Transactions for Petty Cash, Cash Short and Over

Cedar Springs Company completed the following selected transactions during June:

Required:

Journalize the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank.

June 1. Established a petty cash fund of $1,160. 12. The cash sales for the day, according to the cash register records, totaled $10,678. The actual cash received from cash sales was $10,702. 30. Petty cash on hand was $88. Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt: June   2. Store supplies, $128. June 10. Express charges on merchandise purchased, $186 (Merchandise Inventory). June 14. Office supplies, $81. June 15. Office supplies, $93. June 18. Postage stamps, $97 (Office Supplies). June 20. Repair to fax, $232 (Miscellaneous Administrative Expense). June 21. Repair to office door lock, $81 (Miscellaneous Administrative Expense). June 22. Postage due on special delivery letter, $63 (Miscellaneous Administrative Expense). June 28. Express charges on merchandise purchased, $93 (Merchandise Inventory). 30. The cash sales for the day, according to the cash register records, totaled $24,299. The actual cash received from cash sales was $24,282. 30. Increased the petty cash fund by $290.

Explanation / Answer

Jun-01 Petty cash 1160 Cash 1160 Jun-12 Cash 10702 Cash short and over 24 Sales 10678 Jun-30 Store supplies 128 Merchandise inventory (186+93) 279 Office supplies (81+93+97) 271 Miscellaneous administrative expenses (232+81+63) 376 Cash over and short 18 Cash 1072 Jun-30 Cash 24282 Cash short and over 17 Sales 24299 Jun-30 Petty cash 290 Cash 290

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