Dill gis revie rig thg cash accounting for Wil h ne rc a lo

Dill g·is revie rig thg cash accounting for Wil h ne rc a lo al aling servku oves revi will focus on thg petty cash account ar d bark reco aliation for the month gnded May 31 2047. me Bsas colected the fu O ing in mation from wa horse\'s bookkeeper for this task Petty Cash .The petty cash fund was established on May BQ, 2017, in the amunt of $305.00 2. Expenditures from the fund by the custodian as of May 31, 2017, were evidenced by approved receipts for the ollawi Postage expense Mailing labels and other supplies .O.U. from employees Shipping charges (to customer) Newspaper advertising Miscellaneous expense 40.26 79.30 36.60 70.09 27.82 18.73 On May 31, 2017, the petty cash fund was replenished and increased to $366.00, urrency and coin in the fund at that time totaled $32.2 BANK STA Balance, May 1, 2017 Deposits Note payment dinect from customer interest of $36.60) Checks cleared during May Bank service charges Dalance, May 31, 2017 10,8.8 34,160.00 1,134.60 $38,003.00 2.9 7956.84 Dalance, May 1, 201 Deposits during May 2017 Checks written during May 2017 s10,797.00 37,820.00 (38,838.70 Deposits in transit are determined to be S3,660.00, and decks outstanding at May 31 total s1,037.00, Cash on hand (besides petty cash) at May 31, 2017, is $30.12. Your answer is incorrect. Try again. Prepare the journal entries to record the transactions related to the petty cash fund for May. (Enter answers to 2 decimal places, eg. 125.62. If no entry is required, select \"No Entry\" For the account titles and enter O for the amounts. Credit account tities are automatically indented when the amount is entered. Do not indent manually) No. Aocount Titdes and Lxplanation Credit

Solution

Preparing the Journal Entries of the Above Transactions: Date General Journal Debit Credit 10-May Petty Cash $305.00 Cash $305.00 31-May Postage exp $40.26 Mailing labels $79.30 IOU $36.60 Shipping $70.09 Newspaper ad $27.82 Misc. exp $18.73 Petty Cash $272.80 31-May Petty Cash ($366-$32.21) $333.79 Cash $333.79 2. Bank reconciliation statement: Balance as per cash account: ($10797+$37820-$38838.70) $9,778.30 Balance as per bank statement: $14,349 $7,956.84 Add: deposits in transit: $6,600 $3,660.00 Less: cheques outstanding : $1,870 -$1,037.00 Less: payment direct from customer:$2,046 -$1,134.60 Add: bank service charge: $59 $32.91 Add: cash on hand $541 $300.12 Reconcncilled Balance as per Bank $9,778.27 Preparing the Journal Entries of the Above Transactions: S. No. General Journal Debit Credit 1 Cash $1,134.60 Note Reeivable $1,134.60 2 Bank Charges $32.91 Cash $32.91