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Sadie Equestrian Services established a petty cash fund in the amount of $500 on June 1, 2013. On June 30, a review of the petty cash vouchers showed disbursements for the following: Stamps $60 Cab Fare for Ms. Sadie to attend meeting downtown $28 Dinner for employees working overtime $185 Messenger Costs for delivering legal documents $54 Advance to salesperson for attending networking event $25 Purchase of emergency office supplies $69. The Petty cash fund had a remaining cash balance of $77. The proprietor, Ms. Sadie also decided to increase the size of the Petty Cash fund to $700. Journalize the following:
a) Transaction to establish
Petty Cash Fund
b) Transaction to replenish
Petty Cash Fund on June 30
c) Transaction to increase the size of the
Petty Cash Fund

Respuesta :

Tundexi

Answer:

a. Date    Description            Debit Credit

1-Jun        Petty cash fund     $500

                    Cash                                  $500

                [To open the petty cash fund]

b. Date   Description                       Debit   Credit

30-Jun    Stamps                               60

               Cab fare                             28

                Dinner expense                185

                Messenger cost                 54

                Advance to sales person  25

                Office supplies                   69

                Cash short and over           2  

                Petty cash fund                                423

                [To replenish the petty cash fund]

c. Date   Description                       Debit   Credit

June 30 Petty cash [$700-$500]  $200  

                Cash                                             $200

               [To increase the petty cash fund]

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