Exercise 7-8 Kickapoo Company uses an imprest petty cash system. The fund was es

Question

Exercise 7-8 Kickapoo 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 $39 13 3/5 Stamp Inventory Freight-out Miscellaneous Expense Travel Expense Miscellaneous Expense 2 4 14 5 8 The fund was replenished on March 15 when the fund contained $5 in cash. On March 20, the amount in the fund wa increased to $182. 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.)

Explanation / Answer

Date Account Titles and Explaination Debit Credit Mar-01 Petty $ 100 Cash $ 100 Mar-15 Postage expense $   39 Freight out $   13 Miscellaneous ($11 + $8) $   19 Travel expense $   22 Cash over $      2 Cash ($100 - $5) $    95 Mar-20 Petty ($182 - $100) $   82 Cash $    82

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