Assignment Instructions:
This assessment addresses the following course objective(s):
Record various business transactions in accordance with generally accepted accounting principles. This purpose of this assignment is to understand what petty cash is and how it works within the accounting system and accounting for cash transactions.
Download AC107 Unit 6 Petty Cash TemplatePetty Cash
El Greco Art Gallery had the following petty cash transactions in February of the current year.
April
3 Wrote a $350 check, cashed it, and gave the proceeds and the petty cashbox to Chloe Addison, the petty cashier.
7 Purchased bond paper for the copier for $15.75 that is immediately used.
11 Paid $40.50 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. Nakashima uses the perpetual system to account for merchandise inventory.
13 Paid $7.15 postage to express mail a contract to a client.
15 Reimbursed Adina Sharon, the manager, $73 for business mileage on her car.
21 Purchased stationery for $68.77 that is immediately used.
24 Paid a courier $21 to deliver merchandise sold to a customer, terms FOB destination.
27 Paid $11.60 COD shipping charges on merchandise purchased for resale, terms FOB shipping point.
29 Paid $56 for postage expenses.
29 The fund had $23.87 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.
30 The petty cash fund amount is increased by $90 to a total of $440.
Required:
1. Prepare the journal entry to establish the petty cash fund.
2. Prepare a petty cash payments report for April with these categories: delivery expense, mileage expense, postage expense, merchandise inventory (for transportation-in), and office supplies expense. Sort the payments into the appropriate categories and total the expenditures in each category.
3. Prepare the journal entries for required 2 to both (a) reimburse and (b) increase the fund amount.
Follow the instructions found in the template Rename your spreadsheet adding your last name to the file name.
Submit your completed spreadsheet.
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Attachment:- Template-Petty Cash.rar