Question 5 1 Point Firms use physical controls primarily to safeguard their assets. A True B) False Question 7 5 Points Hemingway Company uses a 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 Receipt Date No. For Amount 3/5 1 Stamp Inventory $78 7 2 Freight-Out 42 9 3 Miscellaneous Expense 11 4 Travel Expense 48 14 5 Miscellaneous Expense 10 The fund was replenished on March 15 when the fund contained $8 in cash. On March 20, the amount in the fund was increased to $300. Instructions Journalize the entries in March that pertain to the operation of the petty cash fund. 12