Transactions for petty cash, cash short and over
Principles of Accounting 1
PR 7-2A Transactions for petty cash, cash short and over Obj. 3,6
Wyoming Restoration Company completed the following selected transactions during July 20Y1:;
July 1. Established a petty cash fund of $1,100.
12, The cash sales for the day, according to the cash register records, totaled $8,192. The actual cash received
from cash sales was $8,220.
31, Petty cash on hand was $47, Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt:
July 3, Store supplies, $580,
7. Express charges on merchandise sold, $90 (Delivery Expense).
9. Office supplies, $30,
13, Office supplies, $35,
19, Postage stamps, $50 (Office Supplies).
21, Repair to office file cabinet lock, $60 (Miscellaneous Administrative Expense).
22. Postage due on special delivery letter, $28 (Miscellaneous Administrative Expense).
24, Express charges on merchandise sold, $135 (Delivery Expense).
30, Office supplies, $25,
31. Thecash sales for the day, according to the cash register records, totaled $10,241.
The actual cash received from cash sales was $10,232.
31, Decreased the petty cash fund by $150.
Instructions
Journalize the transactions,
PR7-3A Bank reconciliation and entries Obj. 5
The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $166,436. The bank statement indicated a balance of $195,688 on June 30, 20Y1. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items:
a Checks outstanding totaled $19,427.
b. A deposit of $12,300, representing receipts of June 30, had been made too late to appear on the bank statement.
c The bank collected $26,500 on a $25,000 note, including interest of $1,500.
D A check for $4,000 returned with the statement had been incorrectly recorded by Pala Medical Co. as $400.
The check was for the payment of an obligation to Skyline Supply Co. for a purchase on account.
e. Acheckdrawn for $195 had been erroneously charged by the bank as $915.
f Bank service charges for June amounted to $55.
Instructions
1. Prepare a bank reconciliation.
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