Glencoe Accounting

Chapter 22: Cash Funds

Homework Practice

Recording Petty Cash Transactions

Instructions

Robinson Company decides to establish a petty cash fund on November 1 of the current year. Download the general journal form by clicking on Accounting Forms from the Student Center. Prepare entries on November 1 to establish the petty cash fund and on November 30 to replenish the petty cash fund.

Nov.

1

Establish a petty cash fund with a balance of $250.00

 

30

Replenished the petty cash fund which now has a balance of $25.97 and the following receipts:

Store Supplies, $50.92

  

Office Supplies, $90.47

  

Miscellaneous Expense, $25.32

  

Transportation In, $50.47

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