Business, 16.03.2020 16:56 Sidm29

Transactions for Petty Cash, Cash Short and Over Cedar Springs Company completed the following selected transactions during June: June 1. Established a petty cash fund of $450. 12. The cash sales for the day, according to the cash register records, totaled $11,367. The actual cash received from cash sales was $11,381. 30. Petty cash on hand was $34. Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt: June 2. Store supplies, $50. June 10. Express charges on merchandise purchased, $72 (Merchandise Inventory). June 14. Office supplies, $32. June 15. Office supplies, $36. June 18. Postage stamps, $38 (Office Supplies). June 20. Repair to fax, $90 (Miscellaneous Administrative Expense). June 21. Repair to office door lock, $32 (Miscellaneous Administrative Expense). June 22. Postage due on special delivery letter, $24 (Miscellaneous Administrative Expense). June 28. Express charges on merchandise purchased, $36 (Merchandise Inventory). 30. The cash sales for the day, according to the cash register records, totaled $21,879. The actual cash received from cash sales was $21,860. 30. Increased the petty cash fund by $113. Required: Journalize the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank.

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Answer from: flex23

See explanation section.

Explanation:

June 1 Petty Cash $450

Cash $450

To record opening of petty cash.

12 Cash $11,381

Cash short and Over $14

Sales $11,367

To record the sales and finding the cash short and over.

30 Store Supplies $50

Merchandise Inventory $108

Office Supplies $106

Miscellaneous Administrative Expense $146

Cash Short and Over $6

Cash $416

To record the expenses cash short and over.

30 Cash $21,860

Cash Short and Over $19

Sales $21,879

To record the sales and finding the cash short and over.

30 Petty Cash $113

Cash $113

To record the increase of petty cash.

Answer from: Quest

I’ll try to check this out.

Answer from: Quest

Answerboiling points;

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