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The ledger accounts given below, with an identification number for each, are used by RMS Company. Instructions: Prepare appropriate entries for the month of March
The ledger accounts given below, with an identification number for each, are used by RMS Company. Instructions: Prepare appropriate entries for the month of March for each of the listed petty cash fund transactions by placing the appropriate identification number(s) in the debit and credit columns provided. Write "N/A" if no entry is appropriate. 1. Cash 2. Petty Cash 3. Accounts Receivable 4. Supplies 5. Inventory 6. Supplies Expense 7. Postage Expense 8. Freight-Out 9. Miscellaneous Expense 10. Cash Over and Short Account(s) Debited Account(s) Credited Entry Information Mar. 1 Issued a check for $500 to establish a petty cash fund. Mar. 3 Disbursed $40 for pizza and drinks for staff working overtime. Mar. 5 Paid collect United Parcel Service bill for goods purchased for resale $20. (March 6 - 17 various other disbursements took place.) Mar. 18 Replenished the petty cash fund by writing a check for $345. On this date the fund consisted of $155 in cash plus the following petty cash receipts: Freight on inventory purchased $118, supplies $145, and miscellaneous expense $79. Mar. 21 A check was written for $200 to increase the stipulated amount of the fund
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