Hallihan Company completed the following selected transactions during June 2010: June 1.-...
Question:
Hallihan Company completed the following selected transactions during June 2010:
| June 1. | Established a petty cash fund of $500. |
| 12. | The cash sales for the day, according to the cash register records, totaled $13,115. The actual cash received from cash sales was $13,129. |
| 30. | Petty cash on hand was $38. Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt: |
| June 2. | Store supplies, $55. |
| 10. | Express charges on merchandise purchased,$80(Merchandise Inventory). |
| 14. | Office supplies, $35. |
| 15. | Office supplies, $40. |
| 18. | Postage stamps, $42 (Office Supplies). |
| 20. | Repair to fax, $100 (Miscellaneous Administrative Expense). |
| 21. | Repair to office door lock, $35 (Miscellaneous Administrative Expense). |
| 22. | Postage due on special delivery letter, $27 (Miscellaneous Administrative Expense). |
| 28. | Express charges on merchandise purchased,$40(Merchandise Inventory). |
| 30. | The cash sales for the day, according to the cash register records, totaled $16,850. The actual cash received from cash sales was $16,833. |
| 30. | Increased the petty cash fund by $125. |
Journalize the above transactions.
Journalize a Variety of Petty Cash Transactions in Accounting
Many companies, small and large, generally set up what is called a Petty Cash Fund. The Petty Cash Fund is used internally to make very small purchases like stamps at the post office, buying office or hardware supplies at a local store, paying repairmen and repairwomen for minor internal repairs, and the like. Each expenditure made out of the Petty Cash Fund is to be supported by receipts which are then used to record expenditures made out of the Petty Cash Fund. The Petty Cash Fund is then reimbursed up to a standard amount via checks from the main checking account.
Answer and Explanation: 1
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View this answer- Journalize the transactions.
| June 1. | Established a petty cash fund of $500. |
Debit Petty Cash $500
Credit Cash $500
| 12. | The cash sales... |
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