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Transactions for petty cash and cash short

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Reference no: EM131812922

Question - Transactions for Petty Cash, Cash Short and Over

Picasso Restoration Company completed the following selected transactions during August 2012:

Aug. 1.

Established a petty cash fund of $860.

12.

The cash sales for the day, according to the cash register records, totaled $9,890.

The actual cash received from cash sales was $9,927.

30.

Petty cash on hand was $65. Replenished the petty cash fund for the following

disbursements, each evidenced by a petty cash receipt:

Aug.   2. Store supplies, $95.

Aug. 10. Express charges on merchandise sold, $138 (Delivery Expense).

Aug. 14. Office supplies, $60.

Aug. 15. Office supplies, $69.

Aug. 18. Postage stamps, $72 (Office Supplies).

Aug. 20. Repair to fax, $172 (Miscellaneous Administrative Expense).

Aug. 21. Repair to office door lock, $60 (Miscellaneous Administrative Expense).

Aug. 22. Postage due on special delivery letter, $46 (Miscellaneous Administrative Expense).

Aug. 28. Express charges on merchandise sold, $69 (Delivery Expense).

30.

The cash sales for the day, according to the cash register records, totaled $16,015.

The actual cash received from cash sales was $15,961.

30.

Decreased the petty cash fund by $215.

Journalize the transactions. For reconciliation transactions, entries should be made in chronological order of account creation from receipts. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".

Reference no: EM131812922

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