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Ernest Company uses an imprest petty cash system. The fund was established on March 1 with a balance of $200. During March the following petty
Ernest Company uses an imprest petty cash system.
The fund was established on March 1 with a balance of $200. 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 $9 in cash. On March 20, the amount in the fund was increased to $300.
Journalize the entries in March that pertain to the operation of the petty cash fund.
Date Account Titles Ref Debit Credit Receipts 1-Mar Date No For Amount $74 42 5-Mar 1 Stamp Inventory 2 Freight-Out 3 Miscellaneous Expense 4 Travel Expense 15-Mar 49 20-MarStep by Step Solution
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