Question

Please record in general journal entry format the following petty cash transactions for Milano corporation;

Check#117 was issued for $500 to establish a petty cash fund.

Check#228 was issued to replenish the fund. the petty cash drawer contained cash of $187 and vouchers for the following; store supplies $75.77, delivery charges $97.26, postage$67.25, parking fees $57.00, miscellaneous $20.73

Check#324 was issued to decrease the amount of the fund to $400

Check#385 was issued to replenish the fund. The petty cash drawer contained cash of $73.50 and vouchers for the following : store supplies $85.79, delivery charges $67.55, postage $72.00, parking fees $58.00, miscellaneous $40.73

You should have 4 general entries.

Answer 1

Particulars	Debit($)	Credit($)
June 1, petty cash	500	500
June 15, Store supplies	75.77
Delivery charges	97.26
Postage fees	67.25
Parking fees	57
Miscellaneous fees	20.73
exp	318.01
Cash at drawer	187
Excess cash	187+318.01=505.01 505.01-500 = 5.01
Cash over or short		5.01
Petty cash		313
June 15, petty cash	318.1-5.01 = 313
Cash at bank		313
June 20, Cash at bank	100
Petty cash		100
June 30 , office supplies	85.79
Delivery charges	67.55
Parking fees	58
Postages fees	72
MIscellaneous fees	40.73
cash over or short	3240.7-326.5 = 2.43
exp	324.07
cash at drawer	73.5
Petty cash		326.5
June 30, Petty cash	326.5
Cash at bank		326.5