1. Stihl Repairs completed the following petty cash transactions during July 2017: Add 13% HST to all transactions. All vouchers are numbered sequentially beginning with #81 y 5: Prepared a $500 cheque, cashed it, and turned the proceeds and the petty cash K over to Bob Stuart, the petty cashier. The fund was started with this $500. y 6: Paid $108.00 COD charges on merchandise purchased for resale. Stihl Repairs es the perpetual inventory method to account for merchandise inventory. y 11: Paid $23.75 delivery charges on merchandise sold to a customer. y 12: Purchased file folders, $8.50. y 14: Reimbursed Collin Dodge, the manager of the business, $8.26 for office oplies purchased. y 18: Purchased paper for printer, $12.15. y 27: Paid $21.60 COD charges on merchandise purchased for resale. y 28: Purchased stamps, $23.00 y 30: Reimbursed Collin Dodge $64.80 for business car expenses. y 31: Bob Stuart sorted the petty cash receipts by accounts affected and exchanged =m for a cheque to reimburse the fund for expenditures. quired: Prepare a general journal entry to record establishing the petty cash fund. 2).Prepare summary of petty cash payments, that has these categories: delivery expense, auto pense, postage expense, merchandise inventory, and office supplies. Calculate the cash on hand Prepare the general journal entry to record the reimbursement of the fund
1. Stihl Repairs completed the following petty cash transactions during July 2017: Add 13% HST to all transactions. All vouchers are numbered sequentially beginning with #81 y 5: Prepared a $500 cheque, cashed it, and turned the proceeds and the petty cash K over to Bob Stuart, the petty cashier. The fund was started with this $500. y 6: Paid $108.00 COD charges on merchandise purchased for resale. Stihl Repairs es the perpetual inventory method to account for merchandise inventory. y 11: Paid $23.75 delivery charges on merchandise sold to a customer. y 12: Purchased file folders, $8.50. y 14: Reimbursed Collin Dodge, the manager of the business, $8.26 for office oplies purchased. y 18: Purchased paper for printer, $12.15. y 27: Paid $21.60 COD charges on merchandise purchased for resale. y 28: Purchased stamps, $23.00 y 30: Reimbursed Collin Dodge $64.80 for business car expenses. y 31: Bob Stuart sorted the petty cash receipts by accounts affected and exchanged =m for a cheque to reimburse the fund for expenditures. quired: Prepare a general journal entry to record establishing the petty cash fund. 2).Prepare summary of petty cash payments, that has these categories: delivery expense, auto pense, postage expense, merchandise inventory, and office supplies. Calculate the cash on hand Prepare the general journal entry to record the reimbursement of the fund
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 1PA: On September 1, French company has decided to initiate a petty cash fund in the amount of $800....
Related questions
Question
100%
Petty cash
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,