Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. pr 8-2a transactions for petty cash, cash short an

PR 8-2A Transactions for petty cash, cash short and over Picasso Restoration Company completed the...

90.2K

Verified Solution

Question

Accounting

image
image
PR 8-2A Transactions for petty cash, cash short and over Picasso Restoration Company completed the following selected transactions during May 2014: OBJ. 3,6 May 1. Established a petty cash fund of $800. 10. The cash sales for the day, according to the cash register records, totaled $3.345 The actual cash received from cash sales was $3,358. 31. Petty cash on hand was $275. Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt: May 3. Store supplies, $290. 7. Express charges on merchandise sold, $70 (Delivery Expense). 9. Office supplies, $12. 13. Office supplies, $25. 19. Postage stamps, $18 (Office Supplies). 21. Repair to office file cabinet lock, $20 (Miscellaneous Administrative Expense). Chapter 8 395 Sarbanes-Oxley, Internal Control, and Cash May 22. Postage due on special delivery letter, $16 (Miscellaneous Administra- tive Expense). 24. Express charges on merchandise sold, $40 (Delivery Expense). 30. Office supplies, $10. May 31. The cash sales for the day, according to the cash register records, totaled $6,155. The actual cash received from cash sales was $6,125. 31. Decreased the petty cash fund by $50. Instructions Journalize the transactions

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students