Harristown Hockey Club HHC maintains a petty cash fund

for #2721
Harristown Hockey Club (HHC) maintains a petty cash fund for minor club expenditures. The
petty cash custodian, Wayne Crosby, describes the events that occurred during the last two
months: a. I established the fund by cashing a check from HHC for $ 250 made payable to me.
b. Tom Canuck provided a $ 70 receipt for repairs to the club’s computer, so I paid $ 70 cash to
him. c. Kim Harra provided a receipt for $ 50 for various supplies she planned to use to decorate
the arena later this year. I paid $ 50 cash to her. d. Trainer Jim bought some equipment that the
club intends to use for the next few years. He gave me the receipt and I paid him $ 80. e. On
the last day of the month, I prepared a summary of expenditures and requested the fund be
replenished. I received and cashed a check from HHC for $ 200, placing the cash into a locked
cash box. f. Wendy Wignes provided receipts for supplies purchased for the club’s office for
use next month. I paid $ 125 cash to her. g. Destiny Hook provided a phone bill showing she
had paid $ 30 for telephone calls made to contact referees for the annual tournament. I paid her
$ 30 cash. h. Gutty McTavish submitted a receipt for $ 35 for a haircut he received. I did not pay
him. i. On the last day of the month, I received and cashed a check from HHC for $ 155, placing
the cash into the locked cash box. Required:1. Prepare journal entries where required.2. If HHC
has $ 1,000 cash, $ 500 of government Treasury bills purchased four months ago, and $ 750 of
cash set aside for its workers’ compensation insurance, how much will the company report on
the balance sheet as “Cash and Cash Equivalents”?View Solution:
Harristown Hockey Club HHC maintains a petty cash fund for

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