PR 7-2A Transactions for petty cash, cash short and over
Picasso Restoration Company completed the following selected transactions during May 2014:
May 1. Established a petty cash fund of $800.
10. The cash sales for the day, according to the cash register records, totaled $3,345. The actual cash received from cash sales was $3,358.
31. Petty cash on hand was $275. Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt:
May 3. Store supplies, $290.
7. Express charges on merchandise sold, $70 (Delivery Expense).
9. Office supplies, $12.
13. Office supplies, $25.
19. Postage stamps, $18 (Office Supplies).
21. Repair to office file cabinet lock, $20 (Miscellaneous Administrative Expense).
May 22. Postage due on special delivery letter, $16 (Miscellaneous Administrative Expense).
24. Express charges on merchandise sold, $40 (Delivery Expense).
30. Office supplies, $10.
May 31. The cash sales for the day, according to the cash register records, totaled $6,155. The actual cash received from cash sales was $6,125.
31. Decreased the petty cash fund by $50.
Instructions
Journalize the transactions.
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