QUESTION 2BE8.8E8.8 (LO 2) Horvath Company uses an jimprest petty cash system. The fund wasestablished on March 1 with a balance of $100. During March, the following pettycash receipts were found in the petty cash box.Prepare joumal entries for a petty cash fund.Date Receipt No. ForAmount3/51Stamp Inventory$397 29 3Freight-Out21Miscellaneous Expense11 4Travel Expense2414 5Miscellaneous Expense 5The fund was replenished on March 15 when the fund contained $2 in cash. OnMarch 20, the amount in the fund was increased to $175.InstructionsJournalize the entries in March that pertain to the operation of the petty cash fund.

E8.8 (LO 2) Horvath Company uses an imprest petty cash system. The fund was established on March 1 with a balance of $100. During March, the following petty cash receipts were found in the petty cash box. Prepare joumal entries for a petty cash fund. Date Receipt No. For Amount 3/5 1 Stamp Inventory Freight-Out $39 7 2 9 3 21 Miscellaneous Expense Travel Expense 6 11 4 24 14 5 Miscellaneous Expense 5 The fund was replenished on March 15 when the fund contained $2 in cash. On March 20, the amount in the fund was increased to $175. Instructions Journalize the entries in March that pertain to the operation of the petty cash fund.

E8.8 (LO 2) Horvath Company uses an imprest petty cash system. The fund was established on March 1 with a balance of $100. During March, the following petty cash receipts were found in the petty cash box. Prepare joumal entries for a petty cash fund. Date Receipt No. For Amount 3/5 1 Stamp Inventory Freight-Out $39 7 2 9 3 21 Miscellaneous Expense Travel Expense 6 11 4 24 14 5 Miscellaneous Expense 5 The fund was replenished on March 15 when the fund contained $2 in cash. On March 20, the amount in the fund was increased to $175. Instructions Journalize the entries in March that pertain to the operation of the petty cash fund.

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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Waupaca Company establishes a $480 petty cash fund on September 9. On September 30, the fund shows $240 in cash along with receipts for the following expenditures: transportation-in, $42; postage expenses, $70; and miscellaneous expenses, $117. The petty cashier could not account for a $11 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory. Prepare (1) the September 9 entry to establish the fund, (2) the September 30 entry to reimburse the fund, and (3) an October 1 entry to increase the fund to $545. View transaction list Journal entry worksheet 1 2 Prepare the journal entry to establish the petty cash fund. Note: Enter debits before credits. Date General Journal Debit Cre September 09 Record entry Clear entry View genera
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