Thank you! Horvath Company uses an imprest petty cash system. The fund was estab

Question

Thank you!

Horvath Company uses an imprest petty cash system. The fund was established on March 1 with a balance of $125. During March, the following petty cash receipts were found in the petty cash box. 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 $185. 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

Entries are as follows.

March 1
Dr Petty Cash 125
Cr Cash 125

March 15
Dr postage expenses 30
Dr Travel Expense 54
Dr Freight-out 15
Dr Miscellaneous Expense 12
Dr Miscellaneous Expense 8
Dr cash Over and short 2
Cr Cash 119

March 20
Dr Petty Cash 60 (185- 125)
Cr Cash 60

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