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1. Stihl Repairs completed the following petty cash transactions during July 2017: Add 13% HST to all transactions. All vouchers are numbered sequentially beginning with #81 y 5: Prepared a $500 cheque, cashed it, and turned the proceeds and the petty cash K over to Bob Stuart, the petty cashier. The fund was started with this $500. y 6: Paid $108.00 COD charges on merchandise purchased for resale. Stihl Repairs es the perpetual inventory method to account for merchandise inventory. y 11: Paid $23.75 delivery charges on merchandise sold to a customer. y 12: Purchased file folders, $8.50. y 14: Reimbursed Collin Dodge, the manager of the business, $8.26 for office oplies purchased. y 18: Purchased paper for printer, $12.15. y 27: Paid $21.60 COD charges on merchandise purchased for resale. y 28: Purchased stamps, $23.00 y 30: Reimbursed Collin Dodge $64.80 for business car expenses. y 31: Bob Stuart sorted the petty cash receipts by accounts affected and exchanged =m for a cheque to reimburse the fund for expenditures. quired: Prepare a general journal entry to record establishing the petty cash fund. 2).Prepare summary of petty cash payments, that has these categories: delivery expense, auto pense, postage expense, merchandise inventory, and office supplies. Calculate the cash on hand Prepare the general journal entry to record the reimbursement of the fund

1. Stihl Repairs completed the following petty cash transactions during July 2017: Add 13% HST to all transactions. All vouchers are numbered sequentially beginning with #81 y 5: Prepared a $500 cheque, cashed it, and turned the proceeds and the petty cash K over to Bob Stuart, the petty cashier. The fund was started with this $500. y 6: Paid $108.00 COD charges on merchandise purchased for resale. Stihl Repairs es the perpetual inventory method to account for merchandise inventory. y 11: Paid $23.75 delivery charges on merchandise sold to a customer. y 12: Purchased file folders, $8.50. y 14: Reimbursed Collin Dodge, the manager of the business, $8.26 for office oplies purchased. y 18: Purchased paper for printer, $12.15. y 27: Paid $21.60 COD charges on merchandise purchased for resale. y 28: Purchased stamps, $23.00 y 30: Reimbursed Collin Dodge $64.80 for business car expenses. y 31: Bob Stuart sorted the petty cash receipts by accounts affected and exchanged =m for a cheque to reimburse the fund for expenditures. quired: Prepare a general journal entry to record establishing the petty cash fund. 2).Prepare summary of petty cash payments, that has these categories: delivery expense, auto pense, postage expense, merchandise inventory, and office supplies. Calculate the cash on hand Prepare the general journal entry to record the reimbursement of the fund

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 2PB
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Petty cash
.. . . 2 3 . L 4 . I 5... I . 1. Stihl Repairs completed the following petty cash transactions during July 2017: Add 13% HST to all transactions. All vouchers are numbered sequentially beginning with #81 July 5: Prepared a $500 cheque, cashed it, and turned the proceeds and the petty cash box over to Bob Stuart, the petty cashier. The fund was started with this $500. July 6: Paid $108.00 COD charges on merchandise purchased for resale. Stihl Repairs uses the perpetual inventory method to account for merchandise inventory. July 11: Paid $23.75 delivery charges on merchandise sold to a customer. July 12: Purchased file folders, $8.50. July 14: Reimbursed Collin Dodge, the manager of the business, $8.26 for office supplies purchased. July 18: Purchased paper for printer, $12.15. July 27: Paid $21.60 COD charges on merchandise purchased for resale. July 28: Purchased stamps, $23.00 July 30: Reimbursed Collin Dodge $64.80 for business car expenses. July 31: Bob Stuart sorted the petty cash receipts by accounts affected and exchanged them for a cheque to reimburse the fund for expenditures. Required: 1).Prepare a general journal entry to record establishing the petty cash fund. 2).Prepare a summary of petty cash payments, that has these categories: delivery expense, auto expense, postage expense, merchandise inventory, and office supplies. 3).Calculate the cash on hand 4).Prepare the general journal entry to record the reimbursement of the fund. 482 words W English (United States) Text Predictions: On qb 即 Ac... C... Address 554 350 1-4 25-04 21
Transcribed Image Text:.. . . 2 3 . L 4 . I 5... I . 1. Stihl Repairs completed the following petty cash transactions during July 2017: Add 13% HST to all transactions. All vouchers are numbered sequentially beginning with #81 July 5: Prepared a $500 cheque, cashed it, and turned the proceeds and the petty cash box over to Bob Stuart, the petty cashier. The fund was started with this $500. July 6: Paid $108.00 COD charges on merchandise purchased for resale. Stihl Repairs uses the perpetual inventory method to account for merchandise inventory. July 11: Paid $23.75 delivery charges on merchandise sold to a customer. July 12: Purchased file folders, $8.50. July 14: Reimbursed Collin Dodge, the manager of the business, $8.26 for office supplies purchased. July 18: Purchased paper for printer, $12.15. July 27: Paid $21.60 COD charges on merchandise purchased for resale. July 28: Purchased stamps, $23.00 July 30: Reimbursed Collin Dodge $64.80 for business car expenses. July 31: Bob Stuart sorted the petty cash receipts by accounts affected and exchanged them for a cheque to reimburse the fund for expenditures. Required: 1).Prepare a general journal entry to record establishing the petty cash fund. 2).Prepare a summary of petty cash payments, that has these categories: delivery expense, auto expense, postage expense, merchandise inventory, and office supplies. 3).Calculate the cash on hand 4).Prepare the general journal entry to record the reimbursement of the fund. 482 words W English (United States) Text Predictions: On qb 即 Ac... C... Address 554 350 1-4 25-04 21
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