Horvath Company uses an imprest petty cash system. The fund was established on M

Question

Horvath Company uses an imprest petty cash system. The fund was established on March 1 with a balance of $105. During March, the following petty cash receipts were found in the petty cash box. Date Receipt No. For Amount 3/5 1 Stamp Inventory $37 7 2 Freight-Out 13 9 3 Miscellaneous Expense 14 11 4 Travel Expense 28 14 5 Miscellaneous Expense 7 The fund was replenished on March 15 when the fund contained $4 in cash. On March 20, the amount in the fund was increased to $210. Journalize the entries in March that pertain to the operation of the petty cash fund.

Explanation / Answer

Journal Entries Date Description Debit Credit 01-Mar Petty Cash $105      Cash $105 03-Mar Stamp Inventory $37      Cash $37 07-Mar Freight out $13      Cash $13 09-Mar Miscellaneous Exp. $14      Cash $14 11-Mar Travel Exp. $28      Cash $28 14-Mar Miscellaneous Exp. $7      Cash $7 15-Mar Over/Short $2      Cash $2 20-Mar Petty Cash $105      Cash $105

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