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Problem - Transactions for petty cash, cash short and over

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Reference no: EM132681394

Problem - Transactions for petty cash, cash short and over

Picasso Restoration Company completed the following selected transactions during August 2012:

Aug. 1. Established a petty cash fund of $750.

Aug. 10. The cash sales for the day, according to the cash register records, totaled $9,780. The actual cash received from cash sales was $9,800.

Aug. 31. Petty cash on hand was $240. Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt:

Aug. 3. Store supplies, $251.

Aug. 7. Express charges on merchandise sold, $60 (Delivery Expense).

Aug. 9. Office supplies, $20.

Aug. 13. Office supplies, $30.

Aug. 19. Postage stamps, $11 (Office Supplies).

Aug. 21. Repair to office file cabinet lock, $40 (Miscellaneous Administrative Expense).

Aug. 22. Postage due on special delivery letter, $18 (Miscellaneous Administrative Expense).

Aug. 24. Express charges on merchandise sold, $50 (Delivery Expense).

Aug. 30. Office supplies, $15.

Aug. 31. The cash sales for the day, according to the cash register records, totaled $11,200. The actual cash received from cash sales was $11,130.

Aug. 31. Decreased the petty cash fund by $100.

Instructions - Journalize the transactions.

Reference no: EM132681394

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