The following transactions occurred in March and were related to the general journal and petty cash fund
Question:
The following transactions occurred in March and were related to the general journal and petty cash fund of Samuel & Co. of St. John’s:
The chart of accounts includes Cash, 100; Petty Cash, 105; Office Equipment, 170; Postage Expense, 645; Office Supplies Expense, 640; Miscellaneous Expense, 630.
Required
1. Record the appropriate entries in the general journal and the auxiliary petty cash record as needed.
2. Be sure to replenish the petty cash fund on March 31 (cheque No. 316).
2022 Mar. 1 Issued cheque No. 314 for $200 to establish a petty cash fund. 5 8 18 25 26 29 Paid $45 from petty cash for postage, voucher No. 1. Paid $39 from petty cash for office supplies, voucher No. 2. Paid $27 from petty cash for office supplies, voucher No. 3. Paid $47 from petty cash for postage, voucher No. 4. Paid $20 from petty cash to support a student walk event, voucher No. 5 (this is a miscellaneous payment). Issued cheque No. 315 to Klondike Office Equipment to pay for office equipment, $1,890.
Step by Step Answer:
Date 2022 Mar 1 Petty Cash Cash To establish petty cash fund Chq 314 29 31 SAMUEL CO GENER...View the full answer
College Accounting A Practical Approach
ISBN: 9780135222416
14th Canadian Edition
Authors: Jeffrey Slater, Debra Good
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