Exercise 7-8 Monty Corp. uses an imprest petty cash system. The fund was establi

Question

Exercise 7-8 Monty Corp. uses an imprest petty cash system. The fund was established on March 1 with a balance of $105. During March, the following petty cash receipts were found in the petty cash box. Date Receipt No. For Amount 3/5 Stamp Inventory Freight-Out Miscellaneous Expense Travel Expense Miscellaneous Expense $34 17 13 14 The fund was replenished on March 15 when the fund contained $4 in cash. On March 20, the amount in the fund was increased to $190. of the petty cash fund. (Credit account titles are automatically Journalize the entries in March that pertain to the operation indented when amount is entered. Do not indent manually, Record jouznal entries in the order presented in the

Explanation / Answer

JOURNAL ENTRY Date Account Title and Explanation Debit Credit .March1 Petty cash $105 Cash $105 ( To record establishment of Petty cash fund) .March 15 Office expenses $99 (34+17+13+26+9) Cash short and over $2 Cash $101 (To record petty cash expenses) No entry required for March 20 petty cash balance

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