Question

The cash payments of The Aristocrats Jewels, a retail business, for June and the general ledger accounts used to record these transactions appear below.

GENERAL LEDGER ACCOUNTS

101	Cash	$	46,740	Dr.
105	Petty Cash Fund
129	Supplies		1,160	Dr.
201	Notes Payable		4,200	Cr.
205	Accounts Payable		19,880	Cr.
231	Sales Tax Payable		5,200	Cr.
302	Larry Jennings, Drawing
451	Sales Returns and Allowances
504	Purchases Discounts
611	Delivery Expense
620	Rent Expense
623	Salaries Expense
626	Telephone Expense
634	Interest Expense
635	Miscellaneous Expense

DATE			TRANSACTIONS
June	1		Issued Check 4121 for $3,500 to pay the monthly rent.
	2		Issued Check 4122 for $5,200 to remit the state sales tax.
	3		Issued Check 4123 for $2,880 to Perfect Timing Watch Company, a creditor, in payment of Invoice 6808, dated May 5.
	4		Issued Check 4124 for $250 to establish a petty cash fund. (After journalizing this transaction, be sure to enter it on the first line of the petty cash analysis sheet.)
	5		Paid $40 from the petty cash fund for office supplies, Petty Cash Voucher 1.
	7		Issued Check 4125 for $4,368 to Perry Corporation in payment of a $4,200 promissory note and interest of $168.
	8		Paid $30 from the petty cash fund for postage stamps (miscellaneous expense), Petty Cash Voucher 2.
	10		Issued Check 4126 for $604 to a customer as a cash refund for a defective watch that was returned; the original sale was made for cash.
	12		Issued Check 4127 for $286 to pay the telephone bill.
	14		Issued Check 4128 for $5,831 to International Jewelry Company, a creditor, in payment of Invoice 8629, dated May 6 ($5,950), less a cash discount ($119).
	15		Paid $19 from the petty cash fund for delivery service, Petty Cash Voucher 3.
	17		Issued Check 4129 for $960 to purchase store supplies.
	20		Issued Check 4130 for $3,920 to Nelsons Jewelry and Accessories, a creditor, in payment of Invoice 1513, dated June 12 ($4,000), less a cash discount ($80).
	22		Paid $34 from the petty cash fund for a personal withdrawal by Larry Jennings, the owner, Petty Cash Voucher 4.
	25		Paid $40 from the petty cash fund to have the store windows washed and repaired, Petty Cash Voucher 5.
	27		Issued Check 4131 for $3,750 to Classy Creations, a creditor, in payment of Invoice 667, dated May 30.
	30		Paid $34 from the petty cash fund for delivery service, Petty Cash Voucher 6.
	30		Issued Check 4132 for $7,925 to pay the monthly salaries.
	30		Issued Check 4133 for $6,000 to Larry Jennings, the owner, as a withdrawal for personal use.
	30		Issued Check 4134 for $197 to replenish the petty cash fund. (Foot the columns of the petty cash analysis sheet in order to determine the accounts that should be debited and the amounts involved.)

Required:

Open the general ledger accounts and enter the balances as of June 1.

Record all payments by check in a cash payments journal.

Record all payments from the petty cash fund on a petty cash analysis sheet.

Post the individual entries from the Other Accounts Debit section of the cash payments journal to the proper general ledger accounts.

Total, prove, and rule the petty cash analysis sheet as of June 30. Record the replenishment of the fund and the final balance on the sheet.

Total, prove, and rule the cash payments journal as of June 30.

General Ledgers, Cash Payments, Petty Cash Analysis, Analyze.

Analyze:
What total payments were made from the petty cash fund for the month?

Answer 1

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Cash
Date	Debit	Credit	Balance
Jun 1	$ 46,740		$ 46,740
			$ 46,740
Petty Cash Fund
Date	Debit	Credit	Balance
Jun 4	$        250		$        250
Jun 30		$        197	$          53
Jun 30	$        197		$        250
Suplies
Date	Debit	Credit	Balance
Jun 1	$    1,160		$    1,160
Jun 17	$        960		$    2,120
Notes Payable
Date	Debit	Credit	Balance
Jun 1		$    4,200	$    4,200
Jun 7	$    4,200		$           -
Sales Tax Payable
Date	Debit	Credit	Balance
Jun 1		$    5,200	$    5,200
Jun 2	$    5,200		$           -
Accounts Payable
Date	Debit	Credit	Balance
Jun 1		$ 19,880	$ 19,880
			$ 19,880
Rent Expense
Date	Debit	Credit	Balance
Jun 1	$    3,500		$    3,500
			$    3,500
Interest Expense
Date	Debit	Credit	Balance
Jun 7	$        168		$        168
			$        168
Sales Return and allo
Date	Debit	Credit	Balance
Jun 10	$        604		$        604
			$        604
Telephone Expense
Date	Debit	Credit	Balance
Jun 12	$        286		$        286
			$        286
Salaries Expesne
Date	Debit	Credit	Balance
Jun 12	$    7,925		$    7,925
			$    7,925
Larry Janning Withdrawal
Date	Debit	Credit	Balance
Jun 12	$    6,000		$    6,000
Jun 22	$          34		$    6,034

			Other Accounts Debit
		Accounts Payable	Accounts Name	Amount	Pur Disc	Cash
Date	Description	Debit			Credit	Credit
Jun 1	Rent Payment		Rent Expense	$           3,500		$          3,500
Jun 2	Sales Tax Payment		Sales Tax Payable	$           5,200		$          5,200
Jun 3	Vendor payment	$                                    2,880				$          2,880
Jun 4	Petty Cash		Petty Cash Fund	$               250		$              250
Jun 7			Notes Payable	$           4,200		$          4,368
			Interest Expense	$               168
Jun 10	Refund to customer		Sales Return and Allo	$               604		$              604
Jun 12			Telephone Expense	$               286		$              286
Jun 14	Payment to Vendor	$                                    5,950			$        119	$          5,831
Jun 17			Supplies	$               960		$              960
Jun 20	Payment to Vendor	$                                    4,000			$           80	$          3,920
Jun 27	Payment to Vendor	$                                    3,750				$          3,750
Jun 30			Salaries Expense	$           7,925		$          7,925
Jun 30			Larry Jennings, Drawing	$           6,000		$          6,000
Jun 30	Petty Cash		Petty Cash Fund	$               197		$              197
Total		$                                  16,580		$         29,290	$        199	$        45,671
Petty Cash Fund Analysis
Date	Receipt	Office Supplies Expesne	Postage Expense/Repair	Delivery Exp	Drawing	Shortage	Balance
Jun 4	$                                                                      250						$        250
Jun 5		$                                          40					$        210
Jun 8			$                                           30				$        180
Jun 19				$                 15			$        165
Jun 22					$           34		$        131
Jun 25			$                                           40				$          91
Jun 30				$                 34			$          57
Jun 30						$                  4	$          53
Total	$                                                                      250	$                                          40	$                                           70	$                 49	$           34	$                  4
	Payment made from Petty Cash Fund	$                                        193