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
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 ?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started