Oppong Corporation completed the following petty cash transactions during August and September in 2014: August 1:...
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Oppong Corporation completed the following petty cash transactions during August and September in 2014: August 1: Drew a $300,00 choque, cashed it, and gave the proceeds and the petty cash box to Carter Stark, the petty cashior. August 3: Paid $23.80 courier charges to deliver merchandise to a customer. August 5: Paid $37.95 to mail a contract to a client. August 16 : Paid $43.80 COD charges on merchandise purchased for rosale (assume a perpetual inventory system). August 17: Purchased office file folders, $20.75, to be used this month. August 17 Paid $26.70 for postage expenses August 18 Paid $33 45 for refroshments for meetings. August 31: Carter Stark sorted the petty cash receipts by accounts affoctod and exchanged them for a cheque the size of the petty cash fund was increased to $350.00. September 7: Paid $36.65 for minor computer repairs. September 12 Purchased ink for the office pholocopier, $48.50, to be used this month. Soptember 19: Paid $40.35 for refreshments for meetings. Soptember 30: Carter Stark sorted the potty cash receipts by accounts affectod and exchanged thom for a cheque to reimburse the fund for expenditures. There was $224,50 in cash in the fund. reimburse the fund for expenditures. However, there was $108.10 in cash in the fund, In addition, Prepare three journal entries: one to establish the petty cash fund, the second to record the reimbursement of the fund at the ond of the first month, and the last to record the reimbursemont of the fund at the end of the second month. Enter an appropriate description when entering the transactions in tho journal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan). General Joumal Account/Explanation Page GJO F Dobit Credit 300 Date 1/Aug Petty cash Cash 300 (To record patty cash fund) 31/Aug Postage expense Oppong Corporation completed the following petty cash transactions during August and September in 2014: August 1: Drew a $300,00 choque, cashed it, and gave the proceeds and the petty cash box to Carter Stark, the petty cashior. August 3: Paid $23.80 courier charges to deliver merchandise to a customer. August 5: Paid $37.95 to mail a contract to a client. August 16 : Paid $43.80 COD charges on merchandise purchased for rosale (assume a perpetual inventory system). August 17: Purchased office file folders, $20.75, to be used this month. August 17 Paid $26.70 for postage expenses August 18 Paid $33 45 for refroshments for meetings. August 31: Carter Stark sorted the petty cash receipts by accounts affoctod and exchanged them for a cheque the size of the petty cash fund was increased to $350.00. September 7: Paid $36.65 for minor computer repairs. September 12 Purchased ink for the office pholocopier, $48.50, to be used this month. Soptember 19: Paid $40.35 for refreshments for meetings. Soptember 30: Carter Stark sorted the potty cash receipts by accounts affectod and exchanged thom for a cheque to reimburse the fund for expenditures. There was $224,50 in cash in the fund. reimburse the fund for expenditures. However, there was $108.10 in cash in the fund, In addition, Prepare three journal entries: one to establish the petty cash fund, the second to record the reimbursement of the fund at the ond of the first month, and the last to record the reimbursemont of the fund at the end of the second month. Enter an appropriate description when entering the transactions in tho journal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan). General Joumal Account/Explanation Page GJO F Dobit Credit 300 Date 1/Aug Petty cash Cash 300 (To record patty cash fund) 31/Aug Postage expense
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a Journal Entry for establish Petty cash fund Date Account Explanation F Debit Credit 01Aug Petty Ca... View the full answer
Related Book For
Financial and Managerial Accounting
ISBN: 978-0132497978
3rd Edition
Authors: Horngren, Harrison, Oliver
Posted Date:
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