Ernest Company uses an imprest petty cash system. The fund was established on Ma

Question

Ernest Company uses an imprest petty cash system. The fund was established on March 1 witha balance of $200. During March the following petty cash receipts were found in the petty cash box. Receipt No. Date For $76 42 3/5 9 14 Stamp Inventory Freight-Out Miscellaneous Expense Travel Expense Miscellaneous Expense 2 10 The fund was replenished on March 15 when the fund contained $6 in cash. On March 20, the amount in the fund was increased to $300 Instructions Journalize the entries in March that pertain to the operation of the petty cash fund

Explanation / Answer

Petty cash $200

cash $200

(Establishing Petty Cash Fund)

Stamp inventory $76

Freight-out $42

Miscellaneous Exp. $22

Travel Exp. $44

Miscellaneous exp. $10

Cash over and short $2

Cash $194

Petty cash $100

cash $100

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