Question 2

Your answer is partially correct. Try again. Sheridan Company uses an imprest petty cash system. The fund was established on March 1 with a balance of $115. During March, the following petty cash receipts were found in the petty cash box. Receipt No. For Amount Date 3/5 1 2 7 9 Stamp Inventory Freight-Out Miscellaneous Expense Travel Expense Miscellaneous Expense $34 13 13 41 3 11 4 14 5 7 The fund was replenished on March 15 when the fund contained $5 in cash. On March 20, the amount in the fund was increased to $195. 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. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Mar. 1 Petty Cash 115 Cash 115 Mar. 15 Postage Expense 34 Travel Expense 41 x Miscellaneous Expense 7 Freight-Out 13 X Freight-Out 13 X X ODDI Mar. 20 Petty Cash 190 Cash 190 Exercise 7-7 Your answer is partially correct. Try again. Kingbird Company established a petty cash fund on May 1, cashing a check for $105. The company reimbursed the fund on June 1 and July 1 with the following result June 1: Cash in fund $3.35. Receipts: delivery expense $31.00, postage expense $37.95, and miscellaneous expense $29.85. July 1: Cash in fund $4.35. Receipts: delivery expense $23.40, entertainment expense $47.10, and miscellaneous expense $30.15. On July 10, Kingbird increased the fund from $105 to $135. Prepare journal entries for Kingbird Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record presented in the problem. Round answers to 2 decimal places, e.g. 52.75.) Date Account Titles and Explanation Debit Credit May 1 Petty Cash 105 Cash 105 June 1 Delivery Expense 31 Postage Expense 37.95 Miscellaneous Expense 29.85 Cash Over and Short 0 Cash