Question - Transactions for Petty Cash, Cash Short and Over
Picasso Restoration Company completed the following selected transactions during August 2012:
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Aug. 1.
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Established a petty cash fund of $860.
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12.
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The cash sales for the day, according to the cash register records, totaled $9,890.
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The actual cash received from cash sales was $9,927.
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30.
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Petty cash on hand was $65. Replenished the petty cash fund for the following
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disbursements, each evidenced by a petty cash receipt:
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Aug. 2. Store supplies, $95.
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Aug. 10. Express charges on merchandise sold, $138 (Delivery Expense).
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Aug. 14. Office supplies, $60.
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Aug. 15. Office supplies, $69.
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Aug. 18. Postage stamps, $72 (Office Supplies).
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Aug. 20. Repair to fax, $172 (Miscellaneous Administrative Expense).
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Aug. 21. Repair to office door lock, $60 (Miscellaneous Administrative Expense).
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Aug. 22. Postage due on special delivery letter, $46 (Miscellaneous Administrative Expense).
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Aug. 28. Express charges on merchandise sold, $69 (Delivery Expense).
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30.
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The cash sales for the day, according to the cash register records, totaled $16,015.
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The actual cash received from cash sales was $15,961.
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30.
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Decreased the petty cash fund by $215.
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Journalize the transactions. For reconciliation transactions, entries should be made in chronological order of account creation from receipts. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".