Question: On March 1 of this year Stowe Company established a

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.



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  • CreatedOctober 21, 2014
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