Question

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Transactions for petty cash, cash short and over

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

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
313	Income Summary

	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

Answer 1

Date		Account No	Account	$	$
1-Jul	Debit	111	Petty Cash	1100
	Credit	110	Cash		1100
			( Being Petty Cash fund established)
12-Jul	Debit	110	Cash	8220
	Credit	410	Sales		8192
	Credit	516	Cash Short and Over		28
			(Being sales recorded for $8192, actual collection $8220)
31-Jul	Debit	538	Store Supplies Expense	580
	Debit	534	Office Supplies Expense	140
	Debit	532	Delivery Expense	225
	Debit	591	Miscellaneous Administrative Expense	88
	Debit	516	Cash Short and Over	20
	Credit	110	Cash		1053
			( Being Petty Cash replinished)
12-Jul	Debit	110	Cash	10232
	Credit	516	Cash Short and Over	9
	Credit	410	Sales		10241
			(Being sales recorded for $10241, actual collection $10232)
31-Jul		110	Cash	150
		111	Petty Cash		150
			( Being Petty cash fund decreased by $150)