90.2K

Verified Solution

Link Copied!

Exercise 8-08 Crane 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. Date 3/5 Receipt No. 1 Amount $30 12 7 2 For Stamp Inventory Freight-Out Miscellaneous Expense Travel Expense Miscellaneous Expense 9 3 10 4 35 11 14 5 7 The fund was replenished on March 15 when the fund contained $4 in cash. On March 20, the amount in the fund was increased to $180. 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 journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Accounts Payable Accounts Receivable Accumulated Depreciation Equipment Bank Charge Expense Cash Cash Over and Short Charitable Contribution Expense Cost of Goods Sold Delivery Expense Depreciation Expense Entertainment Expense Equipment Freight-In Freight-Out Insurance Expense Interest Receivable Interest Revenue Inventory Miscellaneous Expense Notes Receivable Owner's Capital Petty Cash Postage Expense Prepaid Insurance Salaries and Wages Expense Sales Discounts Sales Revenue Supplies Supplies Expense Travel Expense

Answer & Explanation Solved by verified expert

See Answer