De Smet SA maintains a petty cash fund for small expenditures. The following tra

Question

De Smet SA maintains a petty cash fund for small expenditures. The following transactions occurred over a 2-month period. July 1 Established petty cash fund by writing a check on Star Bank for 100.00. 15 Replenished the petty cash fund by writing a check for 94.90. On this date, the fund consisted of 5.10 in cash and the following petty cash receipts: freight-out C51.00, postage expense C20.50, entertainment expense C23.10, and miscellaneous expense C4.10 31 Replenished the petty cash fund by writing a check for 92.90. At this date, the fund consisted of 7.10 in cash and the following petty cash receipts: freight-out 43.50, charitable contributions expense 20.00, postage expense 20.10, and miscellaneous expense 9.30 Aug. 15 Replenished the petty cash fund by writing a check for 98.00. On this date, the fund consisted of C2.00 in cash and the following petty cash receipts: freight-out C40.20, entertainment expense C21.00, postage expense C14.00, and miscellaneous expense C19.80. 16 Increased the amount of the petty cash fund to 150.00 by writing a check for 50.00 31 Replenished the petty cash fund by writing a check for 137.00. On this date, the fund consisted of 13.00 in cash and the following petty cash receipts: postage expense 17.70, travel expense 43.20, and freight-out 74.00 Journalize the petty cash transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 15

Explanation / Answer

Journal Entry in the Books of De Smet SA Date Name of Account & Description Debit Credit Jul-01 Petty Cash 100 Cash at Bank 100 (Established petty cash fund) Jul-15 Petty Cash 94.9 Cash at Bank 94.9 (Replenished petty cash fund) Jul-15 Frieght Out Expenses 51 Postage Expenses 20.5 Entertainment Expenses 23.1 Miscellaneous Expenses 4.1 Petty cash 98.7 (To petty cash expenses recorded) Jul-31 Petty Cash 92.9 Cash at Bank 92.9 (Replenished petty cash fund) Jul-31 Frieght Out Expenses 43.5 Postage Expenses 20.1 Charitable Contributions Expenses 20 Miscellaneous Expenses 9.3 Petty cash 92.9 (To petty cash expenses recorded) Aug. 15 Petty Cash 98 Cash at Bank 98 (Replenished petty cash fund) Aug. 15 Frieght Out Expenses 40.2 Postage Expenses 14 Entertainment Expenses 21 Miscellaneous Expenses 19.8 Petty cash 95 (To petty cash expenses recorded) Aug. 16 Petty Cash 50 Cash at Bank 50 (Increased petty cash fund) Aug. 31 Petty Cash 137 Cash at Bank 137 (Replenished petty cash fund) Aug. 31 Frieght Out Expenses 74 Postage Expenses 17.7 Travel Expenses 43.2 Petty cash 134.9 (To petty cash expenses recorded)

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