Maurice Tutor

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    Argosy University/ Phoniex University/
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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 11 Aug 2017 My Price 15.00

Shelton Gallery

Shelton Gallery had the following petty cash transactions in February of the current year.

Feb. 2  

Wrote a $360 check, cashed it, and gave the proceeds and the petty cashbox to Bo Brown, the petty cashier.
  5  

Purchased bond paper for the copier for $14.55 that is immediately used.
  9  

Paid $36.50 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. Shelton uses the perpetual system to account for merchandise inventory.
  12  

Paid $7.45 postage to express mail a contract to a client.
  14  

Reimbursed Alli Buck, the manager, $69 for business mileage on her car.
  20  

Purchased stationery for $68.87 that is immediately used.
  23  

Paid a courier $21 to deliver merchandise sold to a customer, terms FOB destination.
  25  

Paid $10.50 COD shipping charges on merchandise purchased for resale, terms FOB shipping point.
  27   Paid $57 for postage expenses.
  28  

The fund had $23.62 remaining in the petty cash box. Sorted the petty cash receipts by accounts affected and exchanged them for a check to reimburse the fund for expenditures.
  28   The petty cash fund amount is increased by $90 to a total of $450.


3.

Prepare the journal entries for part 2 to both (a) reimburse and (b) increase the fund amount.(Round your answers to 2 decimal places. Omit the "$" sign in your response.)

 
need to answer these 4 blanks


part 2

Shawnee Co. set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May (the last month of the company's fiscal year).

May 1   Prepared a company check for $300.00 to establish the petty cash fund.
  15  

Prepared a company check to replenish the fund for the following expenditures made since May1.
      a. Paid $93.60 for janitorial services.
      b. Paid $76.41 for miscellaneous expenses.
      c. Paid postage expenses of $52.20.
      d. Paid $68.58 to The County Gazette (the local newspaper) for an advertisement.
      e. Counted $23.01 remaining in the petty cash box.
  16  

Prepared a company check for $200 to increase the fund to $500.
  31  

The petty cashier reports that $349.32 cash remains in the fund. A company check is drawn to replenish the fund for the following expenditures made since May 15.
      f. Paid postage expenses of $53.73.
     

g. Reimbursed the office manager for business mileage, $42.78.
     

h. Paid $44.17 to deliver merchandise to a customer, terms FOB destination.
  31  

The company decides that the May 16 increase in the fund was too large. It reduces the fund by $50, leaving a total of $450.

Required:
1.

Prepare journal entries to establish the fund on May 1, to replenish it on May 15 and on May 31, and to reflect any increase or decrease in the fund balance on May 16 and May 31. (Round your answers to 2 decimal places. Omit the "$" sign in your response.)

 

 

need to answer these two blanks

Answers

Maurice Tutor
(5)
Status NEW Posted 11 Aug 2017 05:08 PM My Price 15.00

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