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Cleaver Video Stores

On January 2, 2008, Cleaver Video Stores decided to step up a petty cash fund. The treasurer established the fund by writing and cashing a $300 check and placing the coin and currency in a locked petty cash drawer. Edward Haskell was designated as the custodian for the fund. During January the following receipts were given to Haskell in exchange for cash from the fund:

US Post Office (Stamps) $76.00
Speedy Delivery Service $45.30
Cake N Cookies (party for retiring employee) $65.40
Office Supply Superstore (paper,pencils) $36.00

A count of cash in the drawer on January 31 revealed a balance of $74.10. The treasurer wrote and cashed a check on the same day to restore the funds to its original balance of $300. Prepare the necessary journal entries, with expectations, for January. Assume that all stamps and office supplies were used during the month.

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On January 2, 2008, Cleaver Video Stores decided to step up a petty cash fund. The treasurer established the fund by writing and cashing a $300 check and placing the coin and currency in a locked petty cash drawer. Edward Haskell was designated as the custodian for the fund. During January the following ...

Solution Summary

This solution is comprised of a detailed explanation to prepare the necessary journal entries, with expectations, for January.

$2.19