Ernest Company uses an imprest petty cash system. The fund was established on March 1 with a balance of $200. During March the following petty cash receipts were found in the petty cash box. Date 3/5 7 9 11 Receipt No. 1 2 3 4 For Stamp Inventory Freight-Out Miscellaneous Expense Travel Expense Amount $74 42 22 49 The fund was replenished on March 15 when the fund contained $9 in cash. On March 20, the amount in the fund was increased to $300.

Ernest Company uses an imprest petty cash system. The fund was established on March 1 with a balance of $200. During March the following petty cash receipts were found in the petty cash box. Date 3/5 7 9 11 Receipt No. 1 2 3 4 For Stamp Inventory Freight-Out Miscellaneous Expense Travel Expense Amount $74 42 22 49 The fund was replenished on March 15 when the fund contained $9 in cash. On March 20, the amount in the fund was increased to $300.

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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