Dallas Repairs completed the following petty cash transactions during July 2020: Required 1. Prepare a general journal
Question:
Dallas Repairs completed the following petty cash transactions during July 2020:
Required
1. Prepare a general journal entry to record establishing the petty cash fund.
2. Prepare a summary of petty cash payments similar to Exhibit 7.2 that has these categories: delivery expense, auto expense, postage expense, merchandise inventory, and office supplies.
3. Prepare the general journal entry to record the reimbursement of the fund.
Transcribed Image Text:
Prepared a $250 cheque, cashed it, and turned the proceeds and the petty cash box over to Elliott Grace, the July petty cash custodian. Paid $18.00 courier fees. Purchased file folders, $12.50. 12 14 Reimbursed Dara Bains, the manager of the business, $34.26 for office supplies purchased. 18 Purchased paper for printer, $42.15. 28 Reimbursed Dara Bains $64.80 for business car expenses. Purchased stamps, $23.00 30 Elliott Grace sorted the petty cash receipts by accounts affected and exchanged them for a cheque to reimburse 31 the fund for expenditures. However, there was $51.04 in cash in the fund. LO
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Part 1 July 5 Petty Cash 25000 Cash 25000 To establish the fund Part 2 DALLAS REPAIRS Petty Cash Pay...View the full answer
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Related Book For
Fundamental Accounting Principles Volume I
ISBN: 978-1260305821
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
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