50.1K

Verified Solution

Link Copied!

Make a petty cash journal entry for the following information

a.	I established the fund by cashing a Superior Cabinets check for $300 made payable to me.
b.	Liz Clay provided a receipt for $50 for various supplies. I paid $50 cash to her.
c.	James Flyer provided a $70 taxi receipt, so I paid $70 cash to him.
d.	Ricky Ricota claimed to do photocopying for Superior Cabinets at The UPS Store for $97 but had misplaced the receipt. I took him at his word and paid $97 cash to him.
e.	On the last day of the month, I prepared a summary of expenditures and requested the fund be replenished. I received and cashed a Superior Cabinets check for $217, placing the cash into the locked cash box.
f.	James Flyer provided receipts for taxi costs ($75), so I paid $75 cash to him.
g.	Woo Riun provided a $147 receipt from a local delivery company for an expedited delivery to a customer. I paid her $147 cash.
h.	Ricky Ricota claimed to have purchased $35 of envelopes, but again he had misplaced the receipt. He showed me a big stack of envelopes, so I paid him $35 cash.
i.	After requesting that the fund be replenished, I received and cashed a Superior Cabinets check for $257, placing the cash into the locked cash box.
j.	After suggesting that the petty cash fund be increased, I received and cashed a Superior Cabinets check for $100 cash, which I placed in the locked cash box.

Answer & Explanation Solved by verified expert

See Answer