Business, 22.02.2021 18:40, mkeyes83

Turner Excavation maintains a checking account and has decided to open a petty cash fund. The following petty cash fund transactions occurred during July: July
2 Established a petty cash fund by issuing Check No. 301 for $100.
5 Paid $25 from the petty cash fund for postage. Voucher No. 1.
7 Paid $30 from the petty cash fund for delivery of flowers (Miscellaneous Expense). Voucher No. 2.
8 Paid $20 from the petty cash fund to repair a tire on the company truck. Voucher No. 3.
12 Paid $22 from the petty cash fund for a newspaper advertisement. Voucher No. 4.
13 Issued Check No. 303 to replenish the petty cash fund. (Total and rule the petty cash payments record. Record the balance and the amount needed to replenish the fund in the Description column of the petty cash payments record.)

The following additional transactions occurred during July:

July
5 Issued Check No. 302 to pay office rent, $650.
15 Issued Check No. 304 for office equipment, $525.
17 Issued Check No. 305 for the purchase of supplies, $133.
18 Issued Check No. 306 to pay attorney fees, $1,000.
30 Issued Check No. 307 to pay newspaper for an advertisement, $200.20.

Required:
a. Record the petty cash transactions in a petty cash payments record.
2. Make all required general journal entries for the cash transactions. (Note: The petty cash fund was established and replenished twice during July.)
3. The bank statement below was received in the mail. Deposits were made on July 6 for $3,500 and on July 29 for $2,350. The checkbook balance on July 31 is $4,331.55. Notice the discrepancy in Check No. 302 that cleared the bank for $655. This check was written on July 5 for rent expense, but was incorrectly entered on the check stub and in the journal as $650. Prepare a bank reconciliation and make any necessary journal entries as of July 31.

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Turner Excavation maintains a checking account and has decided to open a petty cash fund. The follow...