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Chapter 7 Self Study Problems

In: Business and Management

Submitted By jessdhuss
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PROBLEM 7-4A |

(a) July 1 Petty Cash 250 Cash 250 8 Cash 40,024 ($40,500 − $41 − $435) Debit Card Expense (164 × $0.25) 41 Credit Card Expense ($14,500* × 3%) 435 Sales 40,500 *($40,500 − $14,940 − $11,060 = $14,500) 8 Freight Out 60 Supplies 30 Advertising Expense 40 R. Malik, Drawings 50 Cash Over and Short 5 Cash ($250 − $75) 175 15 Cash 37,931 ($38,459 − $39 − $489) Debit Card Expense (156 × $0.25) 39 Credit Card Expense ($16,300* × 3%) 489 Sales 38,459 *($38,459 − $9,907 − $12,252 = $16,300) 15 Postage Expense 44 Advertising Expense 70 Supplies 56 Cash Over and Short 7 Petty Cash ($250 − $200) 50 Cash ($200 − $73) 127

PROBLEM 7-4A (Continued) (b) The benefit of having a petty cash fund is that it can be used to pay relatively small amounts, while still maintaining control. Some expenses are best made by cash rather than by cheque because of the nature of the expense. There are some instances where either a cheque is not accepted or it is not practical to issue a cheque. Because of the costs involved in issuing a cheque, the business is justified in paying small amounts of purchases with petty cash.

There are a number of internal controls over the petty cash fund that Malik should follow: * One person should be appointed the petty cash custodian and made responsible for the fund. * A prenumbered petty cash receipt should be signed by the custodian and the individual receiving payment for each payment from the fund. * The controller’s office should...

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