Transactions for Petty Cash, Cash Short and Over Cedar Springs Company completed the following selected transactions during June: June 1. Established a petty cash fund of $450. 12. The cash sales for the day, according to the cash register records, totaled $11,367. The actual cash received from cash sales was $11,381. 30. Petty cash on hand was $34. Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt: June 2. Store supplies, $50. June 10. Express charges on merchandise purchased, $72 (Merchandise Inventory). June 14. Office supplies, $32. June 15. Office supplies, $36. June 18. Postage stamps, $38 (Office Supplies). June 20. Repair to fax, $90 (Miscellaneous Administrative Expense). June 21. Repair to office door lock, $32 (Miscellaneous Administrative Expense). June 22. Postage due on special delivery letter, $24 (Miscellaneous Administrative Expense). June 28. Express charges on merchandise purchased, $36 (Merchandise Inventory). 30. The cash sales for the day, according to the cash register records, totaled $21,879. The actual cash received from cash sales was $21,860. 30. Increased the petty cash fund by $113. Required: Journalize the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank.

See explanation section.

Explanation:

June 1      Petty Cash                                              $450

                Cash                                                                                 $450

To record opening of petty cash.

        12    Cash                                                       $11,381

                   Cash short and Over                                                    $14

                    Sales                                                                             $11,367

To record the sales and finding the cash short and over.

        30    Store Supplies                                       $50

                  Merchandise Inventory                       $108

                  Office Supplies                                     $106

                  Miscellaneous Administrative Expense  $146

                  Cash Short and Over                               $6

                        Cash                                                                             $416

To record the expenses cash short and over.

        30     Cash                                                       $21,860

                   Cash Short and Over                           $19

                         Sales                                                $21,879

To record the sales and finding the cash short and over.

        30     Petty Cash                                             $113

                        Cash                                                 $113

To record the increase of petty cash.

answer; ///blank(1) 75%; blank(2) 40%;

answer; buying the bill at a discount from the face value to be received at maturity;