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Q: On March 20, Terrell's petty cash fund of $100 is replenished when the fund contains $7 in cash and receipts for postage $52, freight-out $26, and travel expense $10. Prepare the journal entry to
record the replenishment of the petty cash fund. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.) Date Description/Account Debit Credit Mar. 20 Postage expensePetty cashCash over and shortCashFreight-outTravel expense Postage expenseCashPetty cashCash over and shortFreight-outTravel expense CashPostage expenseTravel expenseCash over and shortPetty cashFreight-out Petty cashFreight-outPostage expenseCashCash over and shortTravel expense Freight-outPostage expenseTravel expensePetty cashCashCash over and short Click here if you would like to Show Work for this question
A: The 1st thing to do in such questions is to see if the cash in hand and the receipts total $100. In this case, they total only $95 (7+52+26+10), so there's a cash shortage of $5. [ [ You'll need to use an account called "Cash over and short" or something similar. Dr Postage $52 Dr Freight out $26 Dr Travel expense $10 Dr Cash over and short $5 Cr Cash $93 You have $7 in cash and after the
above reimbursement, your fund will be back to $100. ] ]
Expert answered|armageddon|Points 298|
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Asked 3/7/2013 5:43:38 PM
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