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Concord 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 Stamp Inventory $39 7 2 Freight-Out 15 9. Miscellaneous Expense 15 11 4 Travel Expense 18 14 Miscellaneous Expense 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 $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. Recore Date Account Titles and Explanation Debit Credit Mar. 1 v Petty Cash 105 Cash 105 Mar. 15 vPostage Expense 39 Freight-Out 15 Miscellaneous Expense 24 Travel Expense 18 Cash Over and Short Cash Mar. 20 vPetty Cash Cash Click if you would like to Show Work for this question: Open Show Work

Concord 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 Stamp Inventory $39 7 2 Freight-Out 15 9. Miscellaneous Expense 15 11 4 Travel Expense 18 14 Miscellaneous Expense 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 $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. Recore Date Account Titles and Explanation Debit Credit Mar. 1 v Petty Cash 105 Cash 105 Mar. 15 vPostage Expense 39 Freight-Out 15 Miscellaneous Expense 24 Travel Expense 18 Cash Over and Short Cash Mar. 20 vPetty Cash Cash Click if you would like to Show Work for this question: Open Show Work

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concord 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 $39 7 2 Freight-Out 15 9 Miscellaneous Expense 15 11 4 Travel Expense 18 14 5 Miscellaneous Expense 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 $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. Record jo Date Account Titles and Explanation Debit Credit Mar. 1 v Petty Cash 105 Cash 105 Mar. 15 vPostage Expense 39 Freight-Out 15 Miscellaneous Expense 24 Travel Expense 18 Cash Over and Short Cash Mar. 20 vPetty Cash Cash Click if you would like to Show Work for this question: Open Show Work
Transcribed Image Text:Concord 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 $39 7 2 Freight-Out 15 9 Miscellaneous Expense 15 11 4 Travel Expense 18 14 5 Miscellaneous Expense 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 $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. Record jo Date Account Titles and Explanation Debit Credit Mar. 1 v Petty Cash 105 Cash 105 Mar. 15 vPostage Expense 39 Freight-Out 15 Miscellaneous Expense 24 Travel Expense 18 Cash Over and Short Cash Mar. 20 vPetty Cash Cash Click if you would like to Show Work for this question: Open Show Work
On March 20, Crane's petty cash fund of $113 is replenished when the fund contains $12 in cash and receipts for postage $47, freight-out $18, and travel expense $30. Prepare the journal entry to record the replenishment of the petty cash fund. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 20 Postage Expense 47 Freight-Out 18 Travel Expense 30 Cash Over and Short Cash
Transcribed Image Text:On March 20, Crane's petty cash fund of $113 is replenished when the fund contains $12 in cash and receipts for postage $47, freight-out $18, and travel expense $30. Prepare the journal entry to record the replenishment of the petty cash fund. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 20 Postage Expense 47 Freight-Out 18 Travel Expense 30 Cash Over and Short Cash
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