Ch. 8 Quiz for Petty Cash, Cash Short and Over Cedar Springs Company completed t

Question

Ch. 8 Quiz for Petty Cash, Cash Short and Over Cedar Springs Company completed the following selected June 1 a petty cash fund of $1,000 12. The cash sales for the day, according to the cash register records, totaled $9,440. The actual cash recelved from cash sales was $9,506 30. Petty cash on hand was $46. Replenished the petty cash fund for the following each evidenced by a petty cash receipt June. 2. Store supplies, $375 June. 10. Express charges on merchandise purchased, $105 (Merchandise Inventory). June. 14. Office supplies,$85 June. 18. Postage stamps, $33 (office Supplies). June. 20. Repair to fax, $100 (Miscellaneous Administrative Expense). Dune. 21. Repair to office door lock, $25 (Miscellaneous Administrative E June. 22. Pestage due on special delivery letter, s9 (Mscelianeous Administrative Expense Jue. 28. Express oarges on merchandise purchased, si10 CMerchandse inventory) 30. The cash saies for the day, according to the cash register records, totaled $13,390 The actual cash received from cash sales was $13,350. 30. Increased the petty cash fund by $200. Required: June 1

Explanation / Answer

SOLUTION

Date Accounts titles and Explanation Debit ($) Credit ($) June 1 Petty Cash 1,000 Cash 1,000 June 12 Cash 9,506 Sales 9,440 Cash Over/ Short 66 June 30 Store Supplies 375 Merchandise Inventory ($105 + $110) 215 Office Supplies ($85 + $90 + $33) 208 Administration Expense ($100 + $25 + $9) 134 Cash Over/Short 22 Cash ($1,000 - $46) 954 June 30 Cash 13,350 Cash Over/Short 40 Sales 13,390 June 30 Cash 200 Petty Cash 200

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