Solved: McArtor Company maintains a petty cash fund for

small expenditur
McArtor Company maintains a petty cash fund for small expenditur

McArtor Company maintains a petty cash fund for small expenditures. The following
transactions occurred over a 2-month period.
July 1 Established petty cash fund by writing a check on Star Bank for $100.
15 Replenished the petty cash fund by writing a check for $94.90. On this date, the fund
consisted of $5.10 in cash and the following petty cash receipts: freight-out $51.00, postage
expense $20.50, entertainment expense $23.10 and miscellaneous expense $4.10.
31 Replenished the petty cash fund by writing a check for $92.90. At this date, the fund
consisted of $7.10 in cash and the following petty cash receipts: freight-out $43.50, charitable
contributions expense $20.00, postage expense $20.10 and miscellaneous expense $9.30.
Aug. 15 Replenished the petty cash fund by writing a check for $98.00. On this date, the fund
consisted of $2.00 in cash and the following petty cash receipts: freight-out $40.20,
entertainment expense $21.00, postage expense $14.00 and miscellaneous expense $19.80.
16 Increased the amount of the petty cash fund to $150 by writing a check for $50.
31 Replenished the petty cash fund by writing a check for $137.00. On this date, the fund
consisted of $13 in cash and the following petty cash receipts: freight-out $74.00, entertainment
expense $43.20 and postage expense $17.70.

Instructions
(a) Journalize the petty cash transactions.
(b) Post to the Petty Cash account.
(c) What internal control features exist in a petty cash fund?

McArtor Company maintains a petty cash fund for small expenditur

ANSWER
https://solvedquest.com/mcartor-company-maintains-a-petty-cash-fund-for-small-expenditur/

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