Reference no: EM132620958
Petty Cash
Record the following transactions on a petty cash sheet. All petty cash vouchers will be numbered sequentially, beginning with #1. Ask your instructor which of the following tax rates to use:
i. No taxes
ii. Add 5% GST only
iii. Add 13% HST
iv. Add 5% GST + 7% PST
20-Nov.
1 The fund was started with $200. 1 Bought pads of writing paper for office, $27.70
3 Paid for delivery of above stationery, $5.78
4 Bought special order of merchandise, $13.14.
4 Paid for delivery of the above special order of merchandise by courier, $5.25
5 Bought sugar and cream for staff kitchen, $4.50 (no taxes).
6 Paid for minor repairs to office furniture, $18.06. (Debit Repairs Expense)
6 Paid ABC Courier for delivering merchandise to customer, $7.35.
7 Bought packaging materials for warehouse, $28.35.
10 Paid for printing of advertising flyers, $32.55.
17 Paid for delivery of incoming merchandise, $11.98.
21 Contributed $20 to Heart & Stroke Foundation (no taxes).
Question 1: Total all columns and prove equal debits and credits. Calculate the cash on hand.
Question 2: Make an entry in the Cash Payments Journal to establish the fund on November 1. Cheque #130 was issued.
Question 3: Make an entry in the Cash Payments Journal for the reimbursement of the fund on November 30
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