Please help me fill in this table and answer the questionQUESTION: OBJstores, a dairy shop, entered into the following Petty Cash transactions during March 2020. Thebusiness is a registered VAT vendor and trades only with other registered vendors. They use aperpetual inventory system, and all goods are marked up at 40% above cost, before taking intoaccount any trade discounts. A VAT rate of 15% is applicable Petty Cash Journal of OBJ Stores - March 2020Doc. NoDayDetailsPettyInputStaffWagesSundry AccountsCashVATrefreshmentsAmountFol.DetailsWorkings: OBJ stores, a dairy shop, entered into the following Petty Cash transactions during March 2020. Thebusiness is a registered VAT vendor and trades only with other registered vendors. They use aperpetual inventory system, and all goods are marked up at 40% above cost, before taking intoaccount any trade discounts. A VAT rate of 15% is applicable.Transaction detailsPurchased 20 Cheese wheels @ R10 each (excluding VAT) as well as 10 boxes of creamDate4@R30 Each (excluding VAT) from J Creamery a local entrepreneur and pay from pettycash. The goods will be used as inventory. PCV01 was used.Purchased coffee and tea for the staff from The Local Café for R80 and paid using petty7cash. PCV02 was used.Paid R800 for petrol for the delivery vehicle from petty cash. PCVO3 was used.Paid bi-weekly wages of R300 from petty cash. PCV04 was used.The owner Mrs Daisy took R200 from the petty cash for her own use. PCV05 was used.Purchased printing paper for R30 and cooldrinks for the staff of R60, from Pick n Payand paid using petty cash. PCV06 was used.Paid bi-weekly wages of R300 from petty cash. PCV07 was used.To celebrate Mrs. Daisy's birthday a cake was bought for the staff for R250. PCV08 was1320262930used.Required:Prepare the Petty cash journal for March 2020. You are not required to total the journal at the endof the month. Round to two decimal places.

Petty Cash Journal: Doc. No. Day Details Petty Cash Input VAT Staff refreshments Wages Sundry…

Purchased 20 Cheese wheels @ R10 each (excluding VAT) as well as 10 boxes of cream @R30 Each (excluding VAT) from J Creamery a local entrepreneur and pay from petty cash. The goods will be used as inventory. PCV01 was used. Purchased coffee and tea for the staff from The Local Café for R80 and paid using petty cash. PCV02 was used. Paid R800 for petrol for the delivery vehicle from petty cash. PCV03 was used. Paid bi-weekly wages of R300 from petty cash. PCV04 was used. 13 20 The owner Mrs Daisy took R200 from the petty cash for her own use. PCVO5 was used. 26 Purchased printing paper for R30 and cooldrinks for the staff of R60, from Pick n Pay and paid using petty cash. PCV06 was used. Paid bi-weekly wages of R300 from petty cash. PCV07 was used. 29 30 To celebrate Mrs. Daisy's birthday a cake was bought for the staff for R250. PCV08 was used.

Purchased 20 Cheese wheels @ R10 each (excluding VAT) as well as 10 boxes of cream @R30 Each (excluding VAT) from J Creamery a local entrepreneur and pay from petty cash. The goods will be used as inventory. PCV01 was used. Purchased coffee and tea for the staff from The Local Café for R80 and paid using petty cash. PCV02 was used. Paid R800 for petrol for the delivery vehicle from petty cash. PCV03 was used. Paid bi-weekly wages of R300 from petty cash. PCV04 was used. 13 20 The owner Mrs Daisy took R200 from the petty cash for her own use. PCVO5 was used. 26 Purchased printing paper for R30 and cooldrinks for the staff of R60, from Pick n Pay and paid using petty cash. PCV06 was used. Paid bi-weekly wages of R300 from petty cash. PCV07 was used. 29 30 To celebrate Mrs. Daisy's birthday a cake was bought for the staff for R250. PCV08 was used.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 20E

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