Callaho Inc. completed the following petty cash transactions during May and June in 2014 May 1: Drew a $300.00 cheque, cashed it, and gave the proceeds and the petty cash box to Linda Champion, the petty cashier May 6: Paid $47.90 for minor computer repairs. May 13: Paid $47.45 for postage expenses. May 14: Purchased office supplies for $36.55, to be used this month May 19 Paid $49.10 to mail a contract to a client. May 19: Purchased ink for the office photocopier, $24.60, to be used this month. May 19: Purchased office file folders, $42.90, to be used this month. May 31 Linda Champion sorted the petty cash receipts by accounts affected and exchanged them for a cheque to reimburse the fund for expenditures. However, there was $55.00 in cash in the fund June 4: Paid $26.40 for postage expenses. June 5: Reimbursed the manager for business auto, $22.05. June 5: Purchased paper for the office copier, $42.35, to be used this month. June 30: Linda Champion sorted the petty cash receipts by accounts affected and exchanged them for a cheque to reimburse the fund for expenditures. There was $209.20 in cash in the fund Prepare three joumal entries: one to establish the petty cash fund, the second to record the reimbursement of the fund at the end of the first month, and the last to record the reimbursement of the fund at the end of the second month. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format ddimmm (e. January 15 would be 15/Jan) Page G9 F Debit Credit Date General Journal Account/Explanation
Callaho Inc. completed the following petty cash transactions during May and June in 2014 May 1: Drew a $300.00 cheque, cashed it, and gave the proceeds and the petty cash box to Linda Champion, the petty cashier May 6: Paid $47.90 for minor computer repairs. May 13: Paid $47.45 for postage expenses. May 14: Purchased office supplies for $36.55, to be used this month May 19 Paid $49.10 to mail a contract to a client. May 19: Purchased ink for the office photocopier, $24.60, to be used this month. May 19: Purchased office file folders, $42.90, to be used this month. May 31 Linda Champion sorted the petty cash receipts by accounts affected and exchanged them for a cheque to reimburse the fund for expenditures. However, there was $55.00 in cash in the fund June 4: Paid $26.40 for postage expenses. June 5: Reimbursed the manager for business auto, $22.05. June 5: Purchased paper for the office copier, $42.35, to be used this month. June 30: Linda Champion sorted the petty cash receipts by accounts affected and exchanged them for a cheque to reimburse the fund for expenditures. There was $209.20 in cash in the fund Prepare three joumal entries: one to establish the petty cash fund, the second to record the reimbursement of the fund at the end of the first month, and the last to record the reimbursement of the fund at the end of the second month. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format ddimmm (e. January 15 would be 15/Jan) Page G9 F Debit Credit Date General Journal Account/Explanation
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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