Problem 14During July, several events occurred at the Flamingo Resort.a. On July 1, a Petty Cash Fund was established in the amount of $100.b. On July 15, the fund was replenished, since it had a balance of $4 with the followingreceipts:PostageOffice SuppliesShipping Charges to UPS$30$25$40On July 16, the fund was increased to $200.c.d.On July 31, the fund was replenished, since it had a balance of $12 with the followingreceipts:Spare PartsStampsShop SuppliesInventory$35$28$27$10003:08Required:Journalize all of the necessary transactions for July in chronological order.

Question
Asked Oct 21, 2019

My text book is  Hospitality Industry Financial Accounting (4th edition). I am in chapter 8 -- CASH now. 

There is a question asks for journalize all of the necessary transactions for July in chronological order.

The scenario is the following:

During July, several events occurred at the Flamingo Resort.

a. On July 1, a Petty Cash Fund was established in the amount of $100. 

b. On July 15, the fund was replenished, since it had a balance of $4 with the following receipts:

Postage                               $30

Office Supplies                   $25

Shipping Charges to UPS  $40

c. On July 16, the fund was increased to $200.

d. On July 31, the fund was replenished, since it had a balance of $12 with the following receipts:

Spare Parts          $35

Stamps                 $28

Shop Supplies      $27

Inventory               $100

Problem 14
During July, several events occurred at the Flamingo Resort.
a. On July 1, a Petty Cash Fund was established in the amount of $100.
b. On July 15, the fund was replenished, since it had a balance of $4 with the following
receipts:
Postage
Office Supplies
Shipping Charges to UPS
$30
$25
$40
On July 16, the fund was increased to $200.
c.
d.
On July 31, the fund was replenished, since it had a balance of $12 with the following
receipts:
Spare Parts
Stamps
Shop Supplies
Inventory
$35
$28
$27
$100
03:08
Required:
Journalize all of the necessary transactions for July in chronological order.
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Problem 14 During July, several events occurred at the Flamingo Resort. a. On July 1, a Petty Cash Fund was established in the amount of $100. b. On July 15, the fund was replenished, since it had a balance of $4 with the following receipts: Postage Office Supplies Shipping Charges to UPS $30 $25 $40 On July 16, the fund was increased to $200. c. d. On July 31, the fund was replenished, since it had a balance of $12 with the following receipts: Spare Parts Stamps Shop Supplies Inventory $35 $28 $27 $100 03:08 Required: Journalize all of the necessary transactions for July in chronological order.

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Expert Answer

Step 1

Prepare the journal entries in a cronologica...

Accounts Title and Explanation Debit (S) Credit (S)
Petty Cash
Date
July 01
$100
Cash
$100
(To setup a petty cash fiund)
Postage
Office Supplies
Shipping Expenses
Cash Short and Over
July 15
$30
$25
$40
$1
Cash
$96
|(To replenished the petty cash fund)
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Accounts Title and Explanation Debit (S) Credit (S) Petty Cash Date July 01 $100 Cash $100 (To setup a petty cash fiund) Postage Office Supplies Shipping Expenses Cash Short and Over July 15 $30 $25 $40 $1 Cash $96 |(To replenished the petty cash fund)

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