Print by: KENYETTE WILLIAMS ACCT 2101-SP18-20502-Section IA-Online-Crews / Homew

Question

Print by: KENYETTE WILLIAMS ACCT 2101-SP18-20502-Section IA-Online-Crews / Homework-Chapter 7 Exercise 7-8 Cullumber Company uses an imprest petty cash system. The fund was established on March 1 with a belance of s100. During March, the following petty cash recelpts were found in the petty cash box DateRecelpt No. For Amount 3/5 Stamp Inventory Freight-Out Miscellaneous Expense Travel Expense Miscellaneous Expense $30 12 10 35 14 The fund was repienished on March 15 when the fund contained s4 in cash. On March 20, the amount in the fund was ncreased to $180. Journalize the entries in March that pertalin to the operation of the petty cash fund. (Credit account titles are presented in the piroblem.) Indented when amount is entered. Do not Indent manually. Record journal entries in the orde Debit Credit Date Account Titles and Explanation Mar. 15 Question Attempts: O of 5 used

Explanation / Answer

Date Accounts title and explanations Debit $ Credit $ 1-Mar Petty cash Account Dr. 100     Cash Account 100 15-Mar Postage expense Account Dr. 30 Freight out 12 Travel expense 35 Misc. Expense 17 Short/(Surplus) 2       Cash Account 96 (for replinishment of funds) 20-Mar Petty Cash Account Dr. 80     Cash Account 80 (for increasing the fund)

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