On May 1, a petty cash fund was established for $200. The following vouchers were issued during May.DateVoucherPurposeAmountMay 11Office supplies$ 3.00 32Birthday gift for office worker (misc. exp.)15.00 53Mileage reimbursement5.00 74Postage due2.00 85Office supplies4.00 116Donation—Goodwill (contribution exp.)10.00 157Telephone call (telephone exp.)5.00 218Mileage reimbursement11.00 239Withdrawal by owner (Carla Sanchez)20.00 2510Postage due3.50 2611Office supplies17.00 2812Copier repair (misc. exp.)18.50 Required:1.Prepare the journal entry to establish the petty cash fund on May 1.2.Record the vouchers in the petty cash record. Total and rule the petty cash record.3.Prepare the journal entry to replenish the petty cash fund. Make the appropriate entry in the petty cash record.

Petty cash book is used to meet the daily small cash requirement of a business. A business may have…

Answered: On May 1, a petty cash fund was…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter7: Accounting For Cash

Section: Chapter Questions

Problem 10SPB

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On May 1, a petty cash fund was established for $200. The following vouchers were issued during May.

Date	Voucher	Purpose	Amount
May 1	1	Office supplies	$ 3.00
3	2	Birthday gift for office worker (misc. exp.)	15.00
5	3	Mileage reimbursement	5.00
7	4	Postage due	2.00
8	5	Office supplies	4.00
11	6	Donation—Goodwill (contribution exp.)	10.00
15	7	Telephone call (telephone exp.)	5.00
21	8	Mileage reimbursement	11.00
23	9	Withdrawal by owner (Carla Sanchez)	20.00
25	10	Postage due	3.50
26	11	Office supplies	17.00
28	12	Copier repair (misc. exp.)	18.50

Required:

1.	Prepare the journal entry to establish the petty cash fund on May 1.
2.	Record the vouchers in the petty cash record. Total and rule the petty cash record.
3.	Prepare the journal entry to replenish the petty cash fund. Make the appropriate entry in the petty cash record.

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