Project 1

1. Project 1

1.19. Page 4

Training Room 5: Petty Cash

Time to Work

There are two assignments that you must complete for assessment. There is also an optional assignment. Please check with your teacher to see if you need to complete the optional assignment.

Assignment 1

Complete Training Room 5 Assignment 1.

Assignment 2

Open General Journal Template, and save the form in your Course Folder as pr1-tr5-2.
Use the account titles from the chart of accounts below:

Microsoft product screen shot(s) reprinted with permission from Microsoft Corporation.

Journalize the following transactions on page 2 of a general journal.

Transactions for July of the current year are below. The numbers in Column 1 refer to the day of the month.

July	Transactions
1	Establish a petty-cash fund, $200.00
1	Paid $2000 for rent, Cheque #100
5	Received $1000 for sales, Receipt #20
7	Paid $1500 to F. Fisher for amount owed, Cheque #101
8	Received $3500 for sales, Receipt #21
10	Paid $500 to repair store equipment, Cheque #102
10	Paid $400 for utilities, Cheque #103
11	Owner withdrew $300.00 for personal use, Cheque #104
16	Owner invested $3000 in the business, Receipt #22
21	Sold old store equipment for $1000, Receipt #23
25	Purchased supplies for $200.00, Cheque #105
29	Received $2000.00 from sales, Receipt #24
31	Replenished the petty-cash fund. There was $23.50 cash in the petty-cash box. Use the following vouchers for the month: Withdrew $50.00 for lunch with a client, Voucher #1 Repairs to equipment for $75.00, Voucher #2 Bought supplies for $50.00, Voucher #3

Assignment 3 (Optional )

Check with your teacher before you attempt this optional assignment.

Open General Journal Template, and save the form in your Course Folder as pr1-tr4-3.
Use the account titles from the chart of accounts below:

Microsoft product screen shot(s) reprinted with permission from Microsoft Corporation.

Journalize the following transactions on page 7 of a general journal.

Transactions are for May of the current year. The numbers in Column 1 refer to the day of the month.

1	Establish a petty-cash fund, $250.00
1	Paid $1500.00 rent for May, Cheque #200
2	Received $20 000.00 for dental services, Receipt #111
8	Received $50 000.00 for Accounts Receivable, Receipt #112
10	Bought new office equipment for $5000.00, Cheque #201
14	Paid $25 000.00 to the bank on amount owed, Cheque #202
15	Charged Accounts Payable $1500.00 for dental equipment, Purchase Order #15
20	Owner withdrew $2000.00, Cheque #203
22	Paid utilities of $850.00, Cheque #204
23	Bought new office chairs for $5000.00, Cheque #205
29	Purchased a new computer for $5000.00, Cheque #206
30	Paid salaries of $10 000.00, Cheque #207
31	Replenished the petty-cash fund. There was $85.50 cash in the petty-cash box. Use the following vouchers for the month: Withdrew $100.00 for personal use, Voucher #10 Repairs to equipment of $50.00, Voucher #11 Postage for mail of $15.00, Voucher #12

A Canadian dollar puzzle and magnifier.

Training Room 5 Summary

In this training room you established a petty-cash fund, journalized daily transactions, and replenished the petty-cash fund at the end of the month. You should now be more aware of the various ethical issues surrounding the recording of petty cash to the accounting records of a business.

The next training room will show you how to post these entries to the ledger, so you know how much money remains in each account.