Question

Transactions for Petty Cash, Cash Short and Over

Cedar Springs Company completed the following selected transactions during June:

June 1.	Established a petty cash fund of $1,070.
12.	The cash sales for the day, according to the cash register records, totaled $12,420.
	The actual cash received from cash sales was $12,475.
30.	Petty cash on hand was $81. Replenished the petty cash fund for the following
	disbursements, each evidenced by a petty cash receipt:
	June   2. Store supplies, $118.
	June 10. Express charges on merchandise purchased, $171 (Merchandise Inventory).
	June 14. Office supplies, $75.
	June 15. Office supplies, $86.
	June 18. Postage stamps, $90 (Office Supplies).
	June 20. Repair to fax, $214 (Miscellaneous Administrative Expense).
	June 21. Repair to office door lock, $75 (Miscellaneous Administrative Expense).
	June 22. Postage due on special delivery letter, $58 (Miscellaneous Administrative Expense).
	June 28. Express charges on merchandise purchased, $86 (Merchandise Inventory).
30.	The cash sales for the day, according to the cash register records, totaled $24,162.
	The actual cash received from cash sales was $24,135.
30.	Increased the petty cash fund by $268.

Required:

Journalize the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank.

June 1	Petty Cash
	Cash
June 12	Cash
	Cash Short and Over
	Sales
June 30-Replenish	Store Supplies
	Merchandise Inventory
	Office Supplies
	Miscellaneous Administrative Expense
	Cash Short and Over
	Cash
June 30-Sale	Cash
	Cash Short and Over
	Sales
June 30-Petty cash	Petty Cash
	Cash

Answer 1

Journal Entries (Amounts in $)

Date	Account Titles and Explanation	Debit	Credit
June 1	Petty Cash	1,070
	Cash		1,070
June 12	Cash	12,475
	Cash Short and Over ($12,475 - $12,420)		55
	Sales		12,420
June 30-Replenish	Store Supplies	118
	Merchandise Inventory (171+86)	257
	Office Supplies (75+86+90)	251
	Miscellaneous Administrative Expense (214+75+58)	347
	Cash Short and Over (Bal fig)	16
	Cash ($1,070-$81)		989
June 30-Sales	Cash	24,135
	Cash Short and Over (24,162 - 24,135)	27
	Sales		24,162
June 30-Petty cash	Petty Cash	268
	Cash		268