Lincolnville Company uses an imprest petty cash system. The fund was established

Question

Lincolnville Company uses an imprest petty cash system. The fund was established on March 1 with a balance of $100. During March the following petty cash receipts were found in the petty cash box.

Date Receipt No. For Amount

3/5 1 Stamp Inventory $39

3/7 2 Freight-out 21

3/9 3 Misc. Expense 6

3/11 4 Travel Expense 24

3/14 5 Misc. Expense 5

The fund was replenished on March 15 when the fund contained $3 in cash. On March 20, the amount in the fund was increased to $150.

Instructions: Journalize the entries in March that pertain to the operation of the petty cash fund. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)

Date Description Debit Credit

Mar.1 ? ? n/a

? n/a ?

Mar. 15 ? ? n/a

? ? n/a

? ? n/a

? ? n/a

? ? n/a

? n/a ?

Mar. 20 ? ? n/a

? n/a ?

Explanation / Answer

Lincolnville Company uses an imprest petty cash system. The fund was established on March 1 with a balance of $100. Dr Petty Cash 100 Cr Cash 100 During March the following petty cash receipts were found in the petty cash box. The fund was replenished on March 15 when the fund contained $3 in cash. Dr Postage Expense 39 Dr Freight-out 21 Dr Miscellaneous Expense 6 Dr Travel Expense 24 Dr Miscellaneous Expense 5 Dr Over/Short 2 Cr Cash 97 On March 20, the amount in the fund was increased to $150. Dr Petty Cash 50 Cr Cash 50

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