question archive Picasso Restoration Company completed the following selected transactions during August 2012: Aug
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Picasso Restoration Company completed the following selected transactions during August 2012:
Aug. 1. Established a petty cash fund of $750
10. The cash sales for the day, according to the cash register records, totaled $9,780. The actual cash received from cash sales was $9,800.
31. Petty cash on hand was $240. Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt:
Aug. 3. Store supplies, $251.
7. Expenses charges on merchandise sold, $60 (Deliver Expense)
9. Office supplies, $20.
13. Office supplies, $30.
19. Postage stamps, $11 (Office Supplies).
21. Repair to office file cabinet lock, $40 (Miscellaneous Administrative Expense).
Aug. 22. Postage due on special delivery letter, $18 (Miscellaneous Administrative Expense)
24. The cash sales for the day, according to the cash register records, totaled $11,200. The actual cash received from cash sales was $11,130.
31. Decreased the petty cash fund by $100.
Instructions
Journalize the transactions.
2012
Aug. 1 Petty Cash................................................................ 750
........................................................................... Cash 750
10 Cash....................................................................... 9,800
................................................. Cash Short and Over 20
........................................................................... Sales 9,780
31 Store Supplies........................................................... 251
Delivery Expense..................................................... 110
Office Supplies........................................................... 76
Miscellaneous Administrative Expense...................... 58
Cash Short and Over.................................................. 15
........................................................................... Cash 510
31 Cash..................................................................... 11,130
Cash Short and Over.................................................. 70
........................................................................... Sales 11,200
31 Cash.......................................................................... 100
.................................................................. Petty Cash 100