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. $\begin{array}{cccc}
&\text { Receipt }\
\text { Date}& \text { No.}& \text { For }& \text { Amount }\
\hline3 / 5 & 1 & \text { Stamp Inventory } & \$ 74 \
7 & 2 & \text { Freight-Out } & 42 \
9 & 3 & \text { Miscellaneous Expense } & 22 \
11 & 4 & \text { Travel Expense } & 49
\end{array}$ 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.
Instructions
Journalize the entries in March that pertain to the operation of the petty cash fund.

Question

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. $\begin{array}{cccc}
&\text { Receipt }\
\text { Date}& \text {  No.}& \text {  For }& \text { Amount }\
\hline3 / 5 & 1 & \text { Stamp Inventory } & \$ 74 \
7 & 2 & \text { Freight-Out } & 42 \
9 & 3 & \text { Miscellaneous Expense } & 22 \
11 & 4 & \text { Travel Expense } & 49
\end{array}$ 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.
Instructions
Journalize the entries in March that pertain to the operation of the petty cash fund.

Quizplus · Accepted Answer

The Answer of 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. $\begin{array}{cccc}
&\text { Receipt }\
\text { Date}& \text {  No.}& \text {  For }& \text { Amount }\
\hline3 / 5 & 1 & \text { Stamp Inventory } & \$ 74 \
7 & 2 & \text { Freight-Out } & 42 \
9 & 3 & \text { Miscellaneous Expense } & 22 \
11 & 4 & \text { Travel Expense } & 49
\end{array}$ 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.
Instructions
Journalize the entries in March that pertain to the operation of the petty cash fund.

Ernest Company Uses an Imprest Petty Cash System The Fund Was Replenished on March 15 When the Fund