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help with the red areas Horvath Company uses an imprest petty cash system. The fund was established on March 1 with a balance of $120.
help with the red areas
Horvath Company uses an imprest petty cash system. The fund was established on March 1 with a balance of $120. During March, the following petty cash receipts were found in the petty cash box.
Date | Receipt No. | For | Amount | ||||
3/5 | 1 | Stamp Inventory | $35 | ||||
7 | 2 | Freight-Out | 15 | ||||
9 | 3 | Miscellaneous Expense | 15 | ||||
11 | 4 | Travel Expense | 38 | ||||
14 | 5 | Miscellaneous Expense | 8 |
The fund was replenished on March 15 when the fund contained $6 in cash. On March 20, the amount in the fund was increased to $210. Journalize the entries in March that pertain to the operation of the petty cash fund.
Journalize the entries in March that pertain to the operation of the petty cash fund. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Date Debit Credit Mar. 1 Petty Cash 120 Cash 120 Mar. 15 Postage Expense 35 Freight-Out 15: Miscellaneous Expense Travel Expense 38 Cash Over and Short Cash Mar. 20Petty Cash CashStep by Step Solution
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