Momentum Company maintains a petty cash fund for small expenditures. 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 8 Date 3/1 The fund was replenished on March 15 when the fund contained $83 in cash. On March 20, the amount in the fund was increased to $300. 3/5 Required: Journalize the petty cash transactions on the following dates. Write "no entry" if no entry is required. 3/8 Receipt No. 1 2 3/15 For Postage Stamp Freight-Out 3/20 Amount $78 42 Debit Credit
Momentum Company maintains a petty cash fund for small expenditures. 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 8 Date 3/1 The fund was replenished on March 15 when the fund contained $83 in cash. On March 20, the amount in the fund was increased to $300. 3/5 Required: Journalize the petty cash transactions on the following dates. Write "no entry" if no entry is required. 3/8 Receipt No. 1 2 3/15 For Postage Stamp Freight-Out 3/20 Amount $78 42 Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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answer in text form please (without image), Note: .Every entry should have narration please
Transcribed Image Text:Momentum Company maintains a petty cash fund for small expenditures. 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
8
Date
3/1
The fund was replenished on March 15 when the fund contained $83 in cash. On March 20,
the amount in the fund was increased to $300.
3/5
Required: Journalize the petty cash transactions on the following dates. Write "no entry" if
no entry is required.
3/8
Receipt
No.
1
2
3/15
For
Postage Stamp
Freight-Out
3/20
Amount
$78
42
Debit
Credit
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