Exercise 7-8 Your answer is partially correct. Try again. tolowyno ety Catblishe

Question

Exercise 7-8 Your answer is partially correct. Try again. tolowyno ety Catblished on March 1 with blance of $105. During March, the Monty Corp uses an imprest petty cash system. The fund was following petty cash receipts were found in the petty cash box. on Date Receipt No. For 3/5 Amount Freight-Out Miscellaneous Expense Travel Expense Miscellaneous Expense $34 17 13 26 14 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 $190 lize the entries in March that pertai n to the operation of the petty cash fund. (Credit Do not indent manually. Record journal entries in the order presented in the indented when amount is entered. account titles are automatically

Explanation / Answer

Date

Accounts Titles & Explanation

Debit

Credit

March 1

Petty Cash

$105

     Cash

$105

(For recording establishment of petty cash balance)

March 15

Stamp inventory

$34

Freight-out

$17

Miscellaneous expenses

$22

Travel expense

$26

Cash over and short

$2

     Cash

$101

(For recording replenishment of petty cash)

March 20

Petty cash

$85

     Cash

$85

(For recording enhancement of petty cash balance)

Date

Accounts Titles & Explanation

Debit

Credit

March 1

Petty Cash

$105

     Cash

$105

(For recording establishment of petty cash balance)

March 15

Stamp inventory

$34

Freight-out

$17

Miscellaneous expenses

$22

Travel expense

$26

Cash over and short

$2

     Cash

$101

(For recording replenishment of petty cash)

March 20

Petty cash

$85

     Cash

$85

(For recording enhancement of petty cash balance)

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