TRANSACTIONS (for year 20X1) June 1 Issued Check 4121 for $1,900 to pay the monthly rent. 2 Issued Check 4122 for $3,600 to remit the state sales tax. 3 Issued Check 4123 for $2,720 to Perfect Timing Watch Company, a creditor, in payment of Invoice 6808, dated May 5.4 Issued Check 4124 for $150 to establish a petty cash fund. (After journalizing this transaction, be sure to enter it on the first line of the petty cash analysis sheet.) 5 Paid $24 from the petty cash fund for office supplies, Petty Cash Voucher 1. 7 Issued Check 4125 for $2,704 to Perry Corporation in payment of a $2,600 promissory note and interest of $104.8 Paid $14 from the petty cash fund for postage stamps, Petty Cash Voucher 2. 10 Issued Check 4126 for $588 to a customer as a cash refund for a defective watch that was returned; the original sale was made for cash. 12 Issued Check 4127 for $270 to pay the telephone bill. 14 Issued Check 4128 for $5,537 to International Jewelry Company, a creditor, in payment of Invoice 8629, dated May 6 ($5,650), less a cash discount ($113). 15 Paid $19 from the petty cash fund for delivery service, Petty Cash Voucher 3. 17 Issued Check 4129 for $800 to purchase store supplies. 20 Issued Check 4130 for $3,136 to Nelson's Jewelry and Accessories, a creditor, in payment of Invoice 1513, dated June 12 ($3,200), less a cash discount ($64). 22 Paid $18 from the petty cash fund for a personal withdrawal by Larry Jennings, the owner, Petty Cash Voucher 4. 25 Paid $24 from the petty cash fund to have the store windows washed and repaired, Petty Cash Voucher 5. 27 Issued Check 4131 for $3,590 to Classy Creations, a creditor, in payment of Invoice 667, dated May 30. 30 Paid $18 from the petty cash fund for delivery service, Petty Cash Voucher 6. 30 Issued Check 4132 for $7,525 to pay the monthly salaries. 30 Issued Check 4133 for $4,400 to Larry Jennings, the owner, as a withdrawal for personal use. 30 Issued Check 4134 for $117 to replenish the petty cash fund. (Foot the columns of the petty cash analysis sheet in order to determine the accounts that should be debited and the amounts involved.)

TRANSACTIONS (for year 20X1) June 1 Issued Check 4121 for $1,900 to pay the monthly rent. 2 Issued Check 4122 for $3,600 to remit the state sales tax. 3 Issued Check 4123 for $2,720 to Perfect Timing Watch Company, a creditor, in payment of Invoice 6808, dated May 5.4 Issued Check 4124 for $150 to establish a petty cash fund. (After journalizing this transaction, be sure to enter it on the first line of the petty cash analysis sheet.) 5 Paid $24 from the petty cash fund for office supplies, Petty Cash Voucher 1. 7 Issued Check 4125 for $2,704 to Perry Corporation in payment of a $2,600 promissory note and interest of $104.8 Paid $14 from the petty cash fund for postage stamps, Petty Cash Voucher 2. 10 Issued Check 4126 for $588 to a customer as a cash refund for a defective watch that was returned; the original sale was made for cash. 12 Issued Check 4127 for $270 to pay the telephone bill. 14 Issued Check 4128 for $5,537 to International Jewelry Company, a creditor, in payment of Invoice 8629, dated May 6 ($5,650), less a cash discount ($113). 15 Paid $19 from the petty cash fund for delivery service, Petty Cash Voucher 3. 17 Issued Check 4129 for $800 to purchase store supplies. 20 Issued Check 4130 for $3,136 to Nelson's Jewelry and Accessories, a creditor, in payment of Invoice 1513, dated June 12 ($3,200), less a cash discount ($64). 22 Paid $18 from the petty cash fund for a personal withdrawal by Larry Jennings, the owner, Petty Cash Voucher 4. 25 Paid $24 from the petty cash fund to have the store windows washed and repaired, Petty Cash Voucher 5. 27 Issued Check 4131 for $3,590 to Classy Creations, a creditor, in payment of Invoice 667, dated May 30. 30 Paid $18 from the petty cash fund for delivery service, Petty Cash Voucher 6. 30 Issued Check 4132 for $7,525 to pay the monthly salaries. 30 Issued Check 4133 for $4,400 to Larry Jennings, the owner, as a withdrawal for personal use. 30 Issued Check 4134 for $117 to replenish the petty cash fund. (Foot the columns of the petty cash analysis sheet in order to determine the accounts that should be debited and the amounts involved.)

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 2PA

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