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On March 1 of this year, Stowe Company established a Petty Cash Fund, and the following petty cash transactions took place during the month: Mar. 1 Cashed check no. 314 for $100 to establish a Petty Cash Fund, and put the $100 in a locked drawer in the office. 4 Issued voucher no. 1 for taxi fare, $7.60 (Miscellaneous Expense). 7 Issued voucher no. 2 for memo pads, $6.50 (Office Supplies). 9 Paid $21.50 for an advertisement in a college basketball program, voucher no. 3. 16 Bought postage stamps, $8.80, voucher no. 4 (Miscellaneous Expense). 20 Paid $10 to have snow removed from office front sidewalk, voucher no. 5 (Miscellaneous Expense). 25 Issued voucher no. 6 for delivery charge, $12. 28 R. C. Stowe, the owner, withdrew $20 for personal use, voucher no. 7. 29 Paid $4.20 for postage, voucher no. 8 (Miscellaneous Expense). 30 Paid $5.90 for delivery charge, voucher no. 9. 31 Issued for cash check no. 372 for $96.50 to reimburse Petty Cash Fund. Required 1. Journalize the entry establishing the Petty Cash Fund in the general journal. 2. Record the disbursements of petty cash in the petty cash payments record. 3. Journalize the summarizing entry to reimburse the Petty Cash Fund. Check Figure Office Supplies, $6.50

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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570
BuyFind

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570

Solutions

Chapter
Section
Chapter 6, Problem 2PB
Textbook Problem

On March 1 of this year, Stowe Company established a Petty Cash Fund, and the following petty cash transactions took place during the month:

Mar. 1    Cashed check no. 314 for $100 to establish a Petty Cash Fund, and put the $100 in a locked drawer in the office.

4    Issued voucher no. 1 for taxi fare, $7.60 (Miscellaneous Expense).

7    Issued voucher no. 2 for memo pads, $6.50 (Office Supplies).

9    Paid $21.50 for an advertisement in a college basketball program, voucher no. 3.

16    Bought postage stamps, $8.80, voucher no. 4 (Miscellaneous Expense).

20    Paid $10 to have snow removed from office front sidewalk, voucher no. 5 (Miscellaneous Expense).

25    Issued voucher no. 6 for delivery charge, $12.

28    R. C. Stowe, the owner, withdrew $20 for personal use, voucher no. 7.

29    Paid $4.20 for postage, voucher no. 8 (Miscellaneous Expense).

30    Paid $5.90 for delivery charge, voucher no. 9.

31    Issued for cash check no. 372 for $96.50 to reimburse Petty Cash Fund.

Required

  1. 1. Journalize the entry establishing the Petty Cash Fund in the general journal.
  2. 2. Record the disbursements of petty cash in the petty cash payments record.
  3. 3. Journalize the summarizing entry to reimburse the Petty Cash Fund.

Check Figure

Office Supplies, $6.50

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Chapter 6 Solutions

College Accounting (Book Only): A Career Approach
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