I would like to know, how can I find the cash over and short, please?Solve, plea
ID: 2552154 • Letter: I
Question
I would like to know, how can I find the cash over and short, please?Solve, please.
f Faceboolk Connect ,, G calculate cash over and : x-, a Request-Chegg Tutors ? Secure https://newconnect.mheducation.com/flow/connect.html?isRegztrue&returnUr;?https%3A%2F%2FC tion.com%2Fpaamweb%2Findex.html%23%2..o- Ch 06 GL-P6-2A-Optional See Instructor Seved Help Save & Exit Submit Check my work Gonzalez Co. set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May May 1 Prepared a company check for $588 to establish the petty cash fund. May 15 Prepared a company check to replenish the fund for the following expenditures made since May 1. 15 points a. Paid $173 for janitorial services. b. Paid $130 for miscellaneous expenses c. Paid postage expenses of $87. eBook e. Counted $75 remaining in the petty cash box. May 16 Prepared a company check for $208 to increase the fund to $700. Ask following expenditures made since May 15. $246. Paid postage expenses of g. Reimbursed the office manager for business mileage, $123 h. Paid $41 to deliver merchandise to a customer, terms FOB destination. Print Reterences May 31 The company decides that the May 16 increase in the fund was too large. It reduces the fund by $160, leaving a total of General Ledger Trial Balance Impact on Requirement General ournal income Prepare the journal entries for each of the petty cash transactions. View transaction list Graw Prev 1of 1 Next la 2:32 PM 3/25/2018Explanation / Answer
Petty Cash Fund Balance on May 16 = $500+$200 = $700
On May 31 petty cashier reports that $280 cash remains in fund it means $420 ($700 - $280) cash is credited
Cash over and Short on May 31 = Cash Credited - Postage Exp. - Mileage Exp. - Delivery Exp.
= $420 - $246 - $123 - $41 = $10
Journal Entry (Amounts in $)
Date Account Title Debit Credit May 31 Postage Expenses 246 Mileage Expenses 123 Delivery Expenses 41 Cash Over and Short 10 Cash ($700 - $280) 420