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Question(s) / Instruction(s):

Petty Cash Transactions

A small company maintains a petty cash fund for minor expenditures. In June and July 2011, the following transactions took place:

1. The fund was established in the amount of $100.00 on June 1 from the proceeds of check no. 2707.

2. On June 30, the petty cash fund had cash of $15.46 and the following receipts on hand: postage, $40.00; supplies, $24.94; delivery service, $12.40; and rubber stamp, $7.20. Check no. 2778 was drawn to replenish the fund.

3. On July 31, the petty cash fund had cash of $22.06 and these receipts on hand: postage, $34.20; supplies, $32.84; and delivery service, $6.40. The petty cash custodian could not account for the shortage. Check no. 2847 was drawn to replenish the fund.

Prepare entries in journal form necessary to record each transaction.

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