Question

May 1, 2020, Catherine’s Cupcakes Incorporated established a petty fund of $300. By the end of...

May 1, 2020, Catherine’s Cupcakes Incorporated established a petty fund of $300. By the end of August there was $18 cash on hand and the fund contained the following petty cash tickets:

Delivery, $83.00

Freight, $54.00

Supplies, $39.00

Postage, $24.00

Catering, $79.00

Required

Prepare the journal entries in the template below to record:

the establishment of the petty cash fund, and

the replenishment of the petty cash fund.

Business   Accounting   
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Answer #1

Journal Entries:

Date Account title and Explanation Debit Credit
May 1 Petty cash $300
Cash $300
[To open the petty cash fund]
May 31 Delivery $83
Freight $54
Supplies $39
Postage $24
Catering $79
Cash short & Over $3
Cash $282
[To replenish the petty cash fund]

Calculations:

Fund balance $300
Cash on hand $18
Petty cash tickets $279
Total accounted for $297
Amount of cash missing $3
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