Transactions for petty cash, cash short and over Cedar Springs Company completed die following selected transactions during June 2016: June 1. Established a petty cash fund of $1,000. 12. The cash sales for the day, according to the cash register records, totaled $9,440. The actual cash received from cash sales was $9,506. 30. Petty cash on hand was $46. Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt: June 2. Store supplies, $375. 10. Express charges on merchandise purchased, $105 (Merchandise Inventory). 14. Office supplies, $85. 15. Office supplies, $90. 18. Postage stamps, $33 (Office Supplies). 20. Repair to fax, $100 (Miscellaneous Administrative Expense). 21. Repair to office door lock, $25 (Miscellaneous Administrative Expense). 22. Postage due on special delivery letter, $9 (Miscellaneous Administrative Expense). 28. Express charges on merchandise purchased, $110 (Merdiandi.se Inventory). 30. The cash sales for the day, according to the cash register records, totaled $13,390. The actual cash received from cash sales was $13,350. 30. Increased die petty cash fund by $200. Instructions Journalize the transactions.

BuyFind

Financial & Managerial Accounting

13th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781285866307
BuyFind

Financial & Managerial Accounting

13th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781285866307

Solutions

Chapter
Section
Chapter 7, Problem 7.2BPR
Textbook Problem

Transactions for petty cash, cash short and over

Cedar Springs Company completed die following selected transactions during June 2016: June 1.    Established a petty cash fund of $1,000.

12. The cash sales for the day, according to the cash register records, totaled $9,440. The actual cash received from cash sales was $9,506.

30. Petty cash on hand was $46. Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt:

June 2. Store supplies, $375.

10. Express charges on merchandise purchased, $105 (Merchandise Inventory).

14. Office supplies, $85.

15. Office supplies, $90.

18. Postage stamps, $33 (Office Supplies).

20. Repair to fax, $100 (Miscellaneous Administrative Expense).

21. Repair to office door lock, $25 (Miscellaneous Administrative Expense).

22. Postage due on special delivery letter, $9 (Miscellaneous Administrative Expense).

28. Express charges on merchandise purchased, $110 (Merdiandi.se Inventory). 30. The cash sales for the day, according to the cash register records, totaled $13,390. The actual cash received from cash sales was $13,350.

30. Increased die petty cash fund by $200.

Instructions

Journalize the transactions.

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Chapter 7 Solutions

Financial & Managerial Accounting
Ch. 7 - Internal control element Identify each of the...Ch. 7 - Internal control elements Identify each of the...Ch. 7 - Items on company's bank statement The following...Ch. 7 - Items on companys bank statement The following...Ch. 7 - Bank reconciliation The following data were...Ch. 7 - Bank reconciliation The following data were...Ch. 7 - Petty cash fund Prepare journal entries for each...Ch. 7 - Petty cash fund Prepare journal entries for each...Ch. 7 - Ratio of cash to monthly cash expenses Financial...Ch. 7 - Ratio of cash to monthly cash expenses Financial...Ch. 7 - Sarbanes-Oxley internal control report Using...Ch. 7 - Internal Controls Faith Cassen has recently been...Ch. 7 - Internal Controls Ramonas Clothing is a retail...Ch. 7 - Internal Controls for bank lending Pacific Bank...Ch. 7 - Internal Controls One of the largest losses in...Ch. 7 - Internal controls An employee of JHT Holdings,...Ch. 7 - Internal controls All-Around Sound Co. discovered...Ch. 7 - Financial statement fraud A former chairman, CFO,...Ch. 7 - Internal control of cash receipts The procedures...Ch. 7 - Internal control of cash receipts Sergio Flores...Ch. 7 - Internal control of cash receipts The mailroom...Ch. 7 - Entry for cash sales; cash short The actual cash...Ch. 7 - Entry for cash sales; cash over The actual cash...Ch. 7 - Internal control of cash payments Abbe Co. is a...Ch. 7 - Internal control of cash payments Paragon Tech...Ch. 7 - Bank reconciliation Identify each of the following...Ch. 7 - Entries based on bank reconciliation Which of the...Ch. 7 - Bank reconciliation The following data were...Ch. 7 - Entries for bank reconciliation Using the data...Ch. 7 - Entries for note collected by bank Accompanying a...Ch. 7 - Bank reconciliation An accounting clerk for...Ch. 7 - Bank reconciliation Identify the errors in the...Ch. 7 - Using bank reconciliation to determine cash...Ch. 7 - Petty cash fund entries Journalize the entries to...Ch. 7 - Variation in cash flows Mattel, Inc., designs,...Ch. 7 - Cash to monthly cash expenses ratio During 2016,...Ch. 7 - Cash to monthly cash expenses ratio Capstone...Ch. 7 - Cash to monthly cash expenses ratio Amicus...Ch. 7 - Evaluating internal control of cash T he following...Ch. 7 - Transactions for petty each, cash short and over...Ch. 7 - Bank reconciliation and entries The cash account...Ch. 7 - Bank reconciliation and entries The cash account...Ch. 7 - Bank reconciliation and entries Beeler Furniture...Ch. 7 - Evaluating internal control of cash The following...Ch. 7 - Transactions for petty cash, cash short and over...Ch. 7 - Bank reconciliation and entries The cash account...Ch. 7 - Bank reconciliation and entries The cash account...Ch. 7 - Bank reconciliation and entries Sunshine Interiors...Ch. 7 - Ethics and professional conduct in business During...Ch. 7 - Internal controls The following is an excerpt from...Ch. 7 - Internal controls The following is an excerpt from...Ch. 7 - Ethics and professional conduct in business Doris...Ch. 7 - Bank reconciliation and internal control The...Ch. 7 - Cash to monthly cash expenses ratio TearLab Corp....

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