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ivanzaharov [21]
2 years ago
9

Jeremiah Restoration Company completed the following selected transactions during January: Jan. 1. Established a petty cash fund

of $900. 12. The cash sales for the day, according to the cash register records, totaled $6,148. The actual cash received from cash sales was $6,180. 31. Petty cash on hand was $75. Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt: Jan. 3. Store supplies, $470. 7. Express charges on merchandise sold, $55 (Delivery Expense). 9. Office supplies, $30. 13. Office supplies, $11. 19. Postage stamps, $55 (Office Supplies). 21. Repair to office file cabinet lock, $60 (Miscellaneous Administrative Expense). 22. Postage due on special delivery letter, $30 (Miscellaneous Administrative Expense). 24. Express charges on merchandise sold, $85 (Delivery Expense). 30. Office supplies, $14. Jan. 31. The cash sales for the day, according to the cash register records, totaled $4,550. The actual cash received from cash sales was $4,536. 31. Decreased the petty cash fund by $200. Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles.
Business
1 answer:
lesantik [10]2 years ago
5 0

Answer:

Jeremiah Restoration Company

Journal Entries:

Jan. 1:

Debit Petty Cash Fund $900

Credit Cash Account $900

To record the establishment of a petty cash fund.

Jan. 12:

Debit Cash Account $6,180

Credit Sales $6,148

Credit Suspense $32

To record cash sales and excess cash received.

Jan. 31:

Debit Petty Cash Fund $825

Credit Cash Account $825

To record the replenishment of the petty cash fund.

Jan. 3:

Debit Store Supplies $470

Credit Petty Cash Fund $470

To record payment for store supplies.

Jan. 7:

Debit Delivery Expenses $55

Credit Petty Cash Fund $55

To record payment for merchandise delivery.

Jan. 9:

Debit Office Supplies $30

Credit Petty Cash Fund $30

To record payment for office supplies.

Jan. 13:

Debit Office Supplies $11

Credit Petty Cash Fund $11

To record payment for office supplies.

Jan. 19:

Debit Office Supplies $55

Credit Petty Cash Fund $55

To record payment for postage stamps.

Jan. 21:

Debit Miscellaneous Administrative Expense $60

Credit Petty Cash Fund $60

To record the payment for repair of office file cabinet lock.

Jan. 22:

Debit Miscellaneous Administrative Expense $30

Credit Petty Cash Fund $30

To record payment for postage due on special delivery letter.

Jan. 24:

Debit Delivery Expense $85

Credit Petty Cash Fund $85

To record payment for express charges on merchandise sold.

Jan. 30:

Debit Office Supplies $14

Credit Petty Cash Fund $85

To record payment for office supplies.

Jan. 31:

Debit Cash Account $4,536

Debit Suspense Account $14

Credit Sales $4,550

To record collections from cash sales.

Debit Cash Account $200

Credit Petty Cash Fund $200

To decrease the petty cash fund.

Explanation:

Journal entries are generally the first recording of business transactions.  They are used to debit and credit the affected accounts for each transaction.

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FVo = P * {[(1 + r)^n - 1] ÷ r} ...................... (2)

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Conclusion

Therefore, you anticipate that you will have $432,522 in the account on your 65th birthday, following your final contribution.

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