Question

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.

July 31.	The cash 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.

Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles.

CHART OF ACCOUNTSWyoming Restoration CompanyGeneral Ledger

	ASSETS
110	Cash
111	Petty Cash
120	Accounts Receivable
131	Notes Receivable
132	Interest Receivable
141	Merchandise Inventory
145	Office Supplies
146	Store Supplies
151	Prepaid Insurance
181	Land
191	Office Equipment
192	Accumulated Depreciation-Office Equipment
193	Store Equipment
194	Accumulated Depreciation-Store Equipment

	LIABILITIES
210	Accounts Payable
221	Notes Payable
222	Interest Payable
231	Salaries Payable
241	Sales Tax Payable

	EQUITY
310	Common Stock
311	Retained Earnings
312	Dividends

	REVENUE
410	Sales
610	Interest Revenue

	EXPENSES
510	Cost of Merchandise Sold
515	Credit Card Expense
516	Cash Short and Over
520	Salaries Expense
531	Advertising Expense
532	Delivery Expense
533	Insurance Expense
534	Office Supplies Expense
535	Rent Expense
536	Repairs Expense
537	Selling Expenses
538	Store Supplies Expense
561	Depreciation Expense-Office Equipment
562	Depreciation Expense-Store Equipment
591	Miscellaneous Administrative Expense
592	Miscellaneous Selling Expense
710	Interest Expense

Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles.

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JOURNAL

ACCOUNTING EQUATION

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
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Answer 1

Answer :-

Journal entries to record the transaction are as follows :-

Date	Description	Debit	Credit
July 1	Pretty Cash	$1,100
	To Cash		$1,100
July 12	Cash	$8,220
	To Cash Short and Over ($8,220 - $8,192)		$28
	To Sales		$8,192
July 31	Store Supplies Expenses	$580
	Office supplies Expenses ( $30 + $35 + $50 + $25 )	$140
	Delivery Expenses ( $90 + $135)	$225
	Miscellaneous Administrative Expense ( $60 + $28)	$88
	Cash Short and Over ( $1,053 - $580 - $140 - $225 - $88)	$20
	To Cash ( Note 1)		$1,053
July 31	Cash	$10,232
	Cash short and over	$9
	To Sales		$10,241
July 31	Pretty Cash	$150
	To Cash		$150

Note 1 -

Cash = Pretty Cash fund - Pretty Cash on hand after all expenses

Cash = $ 1,100 - $47 = $ 1,053

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