Question

Problem 8-03A a-b (Part Level Submission) (Video) Kael Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August. Aug. 1 Established the petty cash fund by writing a check payable to the petty cash custodian for $200. 15 Replenished the petty cash fund by writing a check for $175.00. On this date, the fund consisted of $25.00 in cash and these petty cash receipts: freight-out $74.40, entertainment expense $36.00, postage expense $33.70, and miscellaneous expense $27.50. 16 Increased the amount of the petty cash fund to $400 by writing a check for $200. 31 Replenished the petty cash fund by writing a check for $283. On this date, the fund consisted of $117.00 in cash and these petty cash receipts: postage expense $145.00, entertainment expense $90.60, and freight-out $46.4.

(a) Journalize the petty cash transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 52.75.) Date Account Titles and Explanation Debit Credit Aug. 1Aug. 15Aug. 16Aug. 31 Aug. 1Aug. 15Aug. 16Aug. 31 Aug. 1Aug. 15Aug. 16Aug. 31 Aug. 1Aug. 15Aug. 16Aug. 31

Answer 1

Answer
Date	Account Title and explanation	Debit	Credit
01-Aug	Petty Cash	$     200
	Cash		$     200
15-Aug	Freight Out	$       74
	Entertainment Expenses	$       36
	Postage Expenses	$       34
	Miscellaneous Expense	$       28
	Cash Over and Short	$         3
	Cash		$     175
16-Aug	Petty Cash	$     200
	Cash		$     200
31-Aug	Postage Expense	$     145
	Entertainment Expense	$       91
	Freight Out	$       46
	Cash Over and Short	$         1
	Cash		$     283
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