Reference no: EM133074120
Question - The Winnipeg Honey Corporation pays for most expenditures by cheque.
The following transactions relate to an impress petty cash fund established by the Winnipeg Honey Corporation to handle small expenditures on an expenditure an on expedient basis.
Transactions
May 4 wrote a 250$ cheque to establish the petty cash fund.
May 6 Purchased stamps, $13.
May 8 Paid $20 for advertising posters.
May 12 Paid $8 for mail received with 'postage due'
May 12 Paid $10 for coffee supplied
May 13 Paid $15 for office supplies.
May 14 Paid bus charge of $18 to ship goods to a customer.
May 15 Counted the remaining coins and currency in the fund $141.
May 15 wrote a cheque to replenish the fund.
Required -
-Record the transactions in general journal form.
-Answer the question the follow:
-How much coin and currency should have been in petty cash at the end of the day on May 12?
-How much coin and currency should have been in the petty Cash box on May 15 before replenishment?
-What was the balance in the petty cash ledger account on May 12?
-What was the balance in the petty cash ledger account at the end of day on May 15? In order to answer the last 2 questions, it would be helpful to post the journal entries to a account for petty cash?