Training Room 5: Petty Cash
Practice 4
- Open General Journal Template, and save it in your Course Folder as pr1-tr5-p4.
- Using the account titles from the chart of accounts below, journalize the following transactions on page 3 of a general journal.
Microsoft product screen shot(s) reprinted with permission from Microsoft Corporation.
These transactions are for September of the current year. The numbers in Column 1 refer to the day of the month.
| 1 | Established a petty-cash fund of $150.00, Cheque #113 |
1 |
Received $1500.00 cash from a customer, Receipt #200 |
2 |
Made a mortgage payment of $2000.00, Cheque #114 |
8 |
Mr. Popov inherited some money and invested $2500.00 cash into his business, Receipt #201 |
14 |
J. Radick paid back $2500.00 of amount owed, Receipt #202 |
15 |
Paid $750.00 for utilities, Cheque #115 |
15 |
Received $350.00 from J. Radick for amount owed, Receipt #203 |
20 |
Bought a new computer for the office, $2500.00, Cheque #116 |
22 |
M. Unger paid back $1000.00 of amount owed, Receipt #204 |
23 |
Moved customer, J. Radick, and charged him $500.00; because he is a good customer, he was allowed to pay for it at a later date., Invoice #25 |
29 |
Milas Popov withdrew $200.00 for personal use, Cheque #117 |
30 |
Replenished the petty-cash fund. There was $26.00 cash in the petty-cash box.
Use the follwoing vouchers for the month:
Hint: Cash plus the vouchers should equal the amount established in petty cash. If there is less cash, then you must do a Cash Short and Over debit. If there is more cash, then you must do a Cash Short and Over credit.
Think through these questions: How much money should be in the petty cash? How much would you have to put in the petty cash to replenish it to the established amount? |
To check your work, go to Koch Moving and Storage General Jounal Answer.
Continue to another practice when you have finished, or proceed to Time to Work if you are confident about journalizing.