Question

Problem 8-03A a-b (Part Level Submission) (Video)

Bonita Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August.

Aug. 1		Established the petty cash fund by writing a check payable to the petty cash custodian for $205.
15		Replenished the petty cash fund by writing a check for $200.30. On this date, the fund consisted of $4.70 in cash and these petty cash receipts: freight-out $92.00, entertainment expense $46.00, postage expense $41.50, and miscellaneous expense $18.90.
16		Increased the amount of the petty cash fund to $320 by writing a check for $115.00.
31		Replenished the petty cash fund by writing a check for $304.40. On this date, the fund consisted of $15.60 in cash and these petty cash receipts: postage expense $138.10, entertainment expense $94.60, and freight-out $70.20.

(a)

Journalize the petty cash transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 52.75.)

Date	Account Titles and Explanation	Debit	Credit

Answer 1

Answer
Date	Account Titles and Explanation	Debit	Credit
01-Aug	Petty Cash	$     205
	Cash		$     205
	(To establish petty cash)
15-Aug	Cash Over and Short	$    1.90
	Freight-out	$ 92.00
	Entertainment Expense	$ 46.00
	Postage Expense	$ 41.50
	Miscellaneous Expense	$ 18.90
	Cash		$200.30
	(To record petty expenses)
16-Aug	Petty Cash	$     115
	Cash		$     115
	(To replenish petty cash)
31-Aug	Cash Over and Short	$    1.50
	Postage Expense	$138.10
	Entertainment Expense	$ 94.60
	Freight-out	$ 70.20
	Cash		$304.40
	(To record petty expenses)