Ashworth College Petty Cash Fund Payments Report Worksheet
Description
1. Prepare the journal entry to establish the petty cash fund.
2. Prepare a petty cash payments report for April with these categories: delivery expense, mileage expense, postage expense, merchandise inventory (for transportation-in), and office supplies expense.
3. Prepare the journal entries for part 2 to both (a) reimburse and (b) increase the fund amount.
Stanley Marks had the following petty cash transactions in April of the current year.
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Apr 2 |
Write a $300 check to establish a petty cash fund. |
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Apr 4 |
Purchased paper and other supplies for the office for $48.20 that is immediately used. |
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Apr 10 |
Paid $35.20 for coffee and muffins for a weekly meeting with the staff. |
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Apr 12 |
Paid $20.15 postage to courier a special order to a customer. |
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Apr 14 |
Reimbursed Susan Snow, the manager, $60 for travel expenses for her trip to see visit customers. |
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Apr 28 |
Paid the cleaning staff $100 for the month. |
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Apr 30 |
The fund had $36.45 remaining in the petty cashbox. Sorted the petty cash receipts by accounts affected and exchanged them for a check to reimburse the fund for expenditures. |
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Apr 30 |
The petty cash fund amount is increased by $100 to a total of $400. |
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