Financial Accounting
IFRS Edition (Weygandt, Kimmel, and Kieso)
E7-7
May 1 Petty
cash $100
Cash $100
June 1 Delivery expense $31.25
Entertainment expense $51.00
Mischellaneous expense $24.75
Cash $96.75
July 1 Petty cash $50
Cash $50
E7-8
March 1 Petty
cash 100
Cash 100
March 15 Stamp
inventory 39
Freight-out 21
Mischellaneous expense 6
Travel expense 24
Mischellaneous expense 5
Cash over and short 2
Cash 97
March 20 Petty
cash 50
Cash 50
P7-2A
a)
July 1 Petty
cash $200
Cash $200
July 15 Freight-out
$94.00
Postage expense $42.40
Entertainment expense $46.60
Mischellaneous expense $11.20
Cash over and short $1.80
Cash $196.00
July 31 Freight-out
$82.10
Charitable contribution $45.00
expense
Postage expense $25.50
Mischellaneous expense $39.40
Cash $192.00
Aug 15 Freight-out
$75.60
Entertainment expense $43.00
Postage expense $33.00
Mischellaneous expense $37.00
Cash over and short $1.60
Cash $187.00
Aug 16 Petty
cash $100.00
Cash $100.00
Aug 31 Postage
expense $140.00
Travel expense $95.60
Freight-out $47.10
Cash over and short $1.30
Cash $284.00
b) Petty
cash
$200.00 + $100.00 = $300.00 (DEBIT)
c) - There should be only one custodian of the
fund who is authorized to dispense money
from it.
-
Receipts
for purchases made from petty cash should be kept in order to properly allocate
where the money was spent when it comes time to replenish the fund.
-
The
custodian of the fund should not be the same person who enters transactions
regarding the fund into the financial records.
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