On March 1, 2021, Cargo Company establishes an imprest petty cash fund for $400. On March 20, 2021, the custodian submitted the following petty cash receipts for replenishment of the petty cash fund when there is $94 cash in the fund:

Freight-Out $54

Supplies Expense 70

Miscellaneous Expense 120

Postage Expense 56

On March 31, the amount in the fund was increased to $460. Required: Prepare the journal entries required to

1. Establish the petty cash fund on March 1. (10 points)

2. The replenishment of the fund on March 20. (20 points)

3. The decrease in the value of the petty cash fund on March 31. (10 points)

Date Account Titles Debit Credit

Mar-01

Mar-20

Mar-31