Oheducation.com/flow/connect.htm apter 8-Homework Saved Help 7 GLO801- Based on

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Oheducation.com/flow/connect.htm apter 8-Homework Saved Help 7 GLO801- Based on Problem 8-2A LO P2 .25 Brown Co. set up a petty cash fund for payments of small amounts. The following transactions involving the petty c in May Hay 1 Prepared a company check for $35e to establish the petty cash fund May 15 arepared$114 for yachtorial replece s the fund for the following expenditures side sine..ay· Skipped 114 for janitorial services b. Paid $85 for miscellaneous expenses d. Paid $28 to The County Gizette (the local nesspacer) for an advertisement e. Counted $74 remsining Im the petty cash box. Hay 16 Prepered a company check for $150 to inerease the fund to $500, Hay 31 The petty cashler reports thet $200 cash renains in the fund. A compeny check is draun to replenish the fund for the follouing·xpenditures made ,ince-ey 15. f. Pald postage expenses of $174 s. Reinbursed the office manager for business Lleage, $ h. Paid $29 to deliver merchandise toustomer, tems FOB destieation The 5380 Hay 31 company decides that the ay 16 increase in the fund us too large. It reduces the fund by $120, leavinga total of Requirement General General ournalLedger Trial Balance Impact rn epare the journal entries for each of the petty cash transactions Journal entry worksheet

Explanation / Answer

journal entries :

Effect on Income and by the amount :

Date Accounts Titles and explanation Debit $ Credit $ May 1 Petty Cash 350 Cash 350 (being petty cash fund created) May 15 Miscellaneous Expenses 284 Petty cash 284 (being petty cash expenditures made) May 15 Petty cash expenditures 284 Cash 284 (being patty cash expenditures replienished to the petty cash fund) May 16 Petty Cash Fund 150 Cash 150 (being increase in the petty cash funding) May 31 Miscellaneous expendtures 290 Petty Cash 290 May 31 Petty Cash Fund 290 Cash 290 (being patty cash expenditures replienished to the petty cash fund) May 31 Cash 120 Petty Cash fund 120 (being the petty cash funding reduced by $120)

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