Exercise 7-8 Swifty Corporation uses an imprest petty cash system. The fund was

Question

Exercise 7-8 Swifty Corporation uses an imprest petty cash system. The fund was established on March 1 with a balance of $110. During March, the following petty cash receipts were found in the petty cash box. Date Receipt No. For Amount 3/5 Stamp Inventory Freight-Out Miscellaneous Expense Travel Expense Miscellaneous Expense $38 20 14 23 14 The fund was replenished on March 15 when the fund contained $5 in cash. On March 20, the amount in the fund was increased to $195 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. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Mar. 15

Explanation / Answer

Journal Entry in the books Swifty Corporation Date Account & Explanation Debit Credit 01-Mar Petty Cash $110.00 Cash $110.00 15-Mar Stamp Inventory $38.00 Frieght Out $20.00 Miscellaneous Expense $22.00 Travel Expense $23.00 Cash Short or Over $2.00 Cash $105.00 15-Mar Petty Cash $85.00 Cash $85.00

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